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The government introduced the new GST return SAHAJ form (GST RET-2) for taxpayers with certain conditions. This certain points will be applicable to the taxpayers having turnover up to 5 crores and is optional for them to file.
As a result of the recent GST tax reduction, the Starbucks was expected to make relevant cost reduction on its products and supplies, but reflecting fishy, the Tax authorities have questioned about the Brand’s prices and has issued two sets of letters asking about the data to get close to the exact position.
The GST authorities noticed that the decrease in the GST rates has not extended any significant advantages from the traders of fast moving consumer goods (FMCG) and pharmaceuticals to consumers
Recently the government had released the three new GST return forms with the name Normal (RET-1), Sahaj (RET-2), Sugam (RET-3) for the taxpayers across the country.
The Hyderabad Central GST intelligence wing encountered eight companies which are exhibiting bogus invoices without an actual supply of TMT bars and other products, In the raid conducted by GST department on iron and steel industries in the State.
The GST Council has officially unveiled three new GST return forms, named GST RET-1 (Normal), GST RET-2 (Sahaj) and GST RET-3 (Sugam).
On Tuesday, GSTN has declared a new facility for GST registered businesses through which comparison can be done between tax liability as filed in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return) at a single place.
Recently the GST council and GSTN offered normal GST RET 1 (Return) Form with revised details for all the normal taxpayers.
The GST council 34th meeting has been scheduled on 19th March to discuss & wrap up the final decisions regarding the alteration in the GST rate as determined in the last meeting.
