Powerd By SAG INFOTECH
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There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.
The deadline to file the Annual returns for the Financial year 2017-2018 under GST has been now extended by the Government to March 31, 2019, which was earlier December 31, 2018.
The All India Tax Advocates Forum, in light of the extension in GST Annual Return GSTR-9C (Audit Report) for 2017-18 due dates till March 31, 2019, has asked Finance Minister to allow assesses who have already filed the annual returns to rectify mistakes caused in their monthly GSTR-3B and GSTR-1 return.
GST Council’s 31st meeting has taken some of the major decisions on the higher slab rate. The meeting deliberately made discussion on the items coming under the highest 28% GST slab rate.
At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved micro, small and medium enterprises (MSMEs), Indian taxpayers are riding a tax evasion wave unlike any seen in recent times.
The number of petitions being filed against the various clauses of the earlier launched goods and services tax (GST) system in the different courts is only increasing with each day.
In response to a plea filed by KTC (India), a travel & tour’s operator, against the Special Audit notice of GST, the Delhi High Court has recently issued a notice asking Centre to declare Rule 5A of the Service Tax Rules, 1994 as unconstitutional and inoperative.
Digital is one word that would be synonymous to the year 2018 in India. From GSTN to e-Way Bill, the finance sector, by far than any other Industry, went through the most aggressive digital; makeover in recent years.
Matching and Reconciliation were part of the erstwhile VAT regime too. But the process of matching data between account books and tax returns was not as tedious as it is under current indirect tax structure in India i.e GST.
