Before giving out cheques, make sure to double check your account balance. A fine of Rs 500 plus GST charges is now applicable on bounced cheques.
Powerd By SAG INFOTECH
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Before giving out cheques, make sure to double check your account balance. A fine of Rs 500 plus GST charges is now applicable on bounced cheques.
The GST is self-assessing by nature while more than 1 crore Taxpayers are registered under GST. Self-Assessment is necessary to determine tax liabilities.
Following the recent hike in petrol prices, Taxpayers’ Association and People For India jointly condemned the Central and State (Andhra Pradesh) government and asked to bring petroleum products under the GST ambit.
Recently the Kerala government had rolled out the intrastate e waybill in the state. The Kerala state government made some exemptions on various transactions for E Way Bill after the consultation with Commissioner of central tax.
After more than one month of GST E Way Bill implementation, now the GST council and central government have mandated the rollout of the intrastate E Way Bill in the states of Maharashtra, Manipur and Union territories (without legislature).
Jo Bello, PwC’s global indirect tax leader, who has more than 20 years of experience in the international VAT, said that the accomplishments of the online Goods and Services Tax (GST) in the country have further encouraged the common European trading bloc to experiment along with uniform producer levy.
The provisions of ITC or Input Tax Credit under GST is at the centre of a major scam. Some businesses were prospering buy issuing fake GST bills or invoices. In the process, the businesses ended up gobbling a whopping amount of Rs 450 crore as part of the liable ITC.
Recently the central government and GST council have implemented intrastate GST e-way bill in the state of Odisha starting from 23rd May 2018. The state is now responsive towards the GST e-way bill for the movement of goods interstate.
GST Council has announced that GSTR-1 filing period for monthly and quarterly return is reduced to 30 days from earlier 40 days. Now, the traders who are making arrangements to file GST returns on 10 June for April month