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Goods and Service Tax (GST) could prove to be excellent tax reform in the long run. But in the short run, it is a messy and disruptive mechanism directly affecting the Indian economy, says Ashok Lahiri (former chief economic adviser (centre) and currently a member of 15 Finance Commission). He also suggested the concerned ruling […]
Government is pressing pedals for making ever-stringent laws against fraudulent claims, making bogus claims for input tax credit a non-bailable offence at the end of recipients of goods and services is one such step which is going to be introduced in the February 1 budget, that would occlude revenue leakages. Proposals have been made to […]
High Court set foot in the conclusion made by the Kerala based Authority for Advance Ruling (AAR) to weed away the argumentative confusions related to composite supply under the GST regime. Experts assume that the ruling will become guidelines to conclude the cases associated with composite litigation. The case is related to Abbott HealthCare which […]
An unnerving phase for business owners, as the State Goods and Service Tax (GST) department has revoked their registration number in the wake of errors and omissions made by them. More than 12000 firms failed to file their GST returns in 2019, as a result of which their registrations got cancelled by the SGST department. […]
It is highly anticipated that the government’s tax-evasion measure through mandatory e-invoicing under GST will not be applied to airlines, banks, insurance companies, telecom service providers and armed forces. Companies like airlines, telecom service providers which have direct communication with clients on a huge scale are anticipated to keep out of mandatory e-invoicing purview i.e. […]
Central GST authorities have started ordering the businesses to come up with a bunch of dozen important documents like various GST returns (GSTRs), copies of the annual report, GST registration certificate, Income Tax returns, tax and internal audits, reports of cost, cash ledger and work orders, etc. Central GST authorities are collecting these records pertaining […]
Finance Minister Nirmala Sitharaman told that the government will iron out issues bothering traders under the Goods and Services Tax (GST) regime and that GST would be additionally simplified, on Tuesday in a CAIT (Confederation of All India Traders) program. Budget preparation is in full swing, keeping the relief for the taxpayer at greatest importance. […]
The Government stands on its resolution to make the GST system robust and efficient. There are a number of changes waiting to be implemented and new formats to be introduced in order to make the system more responsive and taxpayer-friendly. You can check here the list of the new updates under GST 2020, including the […]
Sa-Dhan, an association of Microfinance Institutions (MFIs), has asked the Government to exempt the microfinance industries of GST as this industry offers its services to the low- income group. The Association Executive Director, P. Satish said that imposing GST will be against the government’s policy on financial inclusion. Mr. P Satish Reiterated that in case […]
