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Discussion will be held in its 1st meeting among the centre & state official of GST review panel which formed last week, regarding the measures to heat up the administration against the Goods & Service Tax (GST) offenders caught by the software especially invented for detecting the deceitful acts such as tax evasion and false […]
Biggest reformation ever since the GST regime has started is anticipated to be introduced by the government to upsurge the GST collection and seal the tax evasions. Contrary to the GST collection target of 13% set by the government at the start of 2019, the GST collection rate has remained below 5% in the first […]
Consistant towards achieving a solid GST structure and preventing cases of GST leakages and frauds government keeps on improvising the tax laws for good. Many new provisions are allowed by the government and some old ones are amended in order to make GST a much more convenient and realistic form of tax governance. With effect […]
Initiating every possible move to prevent revenue leakages the government’s current strategy is to restrict the flow of input tax credit under goods and service tax laws. As per the newly amended clause, only 20% of the eligible credit amount will be extended to the entities if the suppliers have not uploaded the relevant invoice […]
Listed out by legal authorities are some renowned Indian clusters and foreign banks suspected of allowing Indian entities or subsidiaries operating in India to use their brand names and logos for free. The Tax department on this has commanded (via legal notices) such entities to put a valuation on brand names and logos owned by […]
An individual can not be penalized if he has paid an accurate amount of tax but mistakenly mentioned an incorrect amount in the GST E-Way bill. Let us understand this with an example. Mr. Ram generated an e-Way bill with place of delivery as ‘XYZ’ and the value of the goods as Rs.3,45,000/-. However, he […]
Economist and current FM of West Bengal Amit Mitra’s warning on declining GST revenue were dismissed by many saying it a pure politics. In an event, he said that India’s federal revenue system is at risk if the Centre denies guarantee of a 14% GST growth in the states’ revenue right now, if the state […]
Another Goods and Services Tax (GST) collection records have been broken by Punjab with an increase in the GST collection by 12.25% in 2020 over that in 2019 by Chandigarh. Total GST collection in the month of January 2020 stands at INR 143.97 crore, in the same month of the previous year it stood at […]
Following the circular issued by the indirect tax department, a wave of uncertainty was spread among the dealer group. Circular described the goods and service tax which is to be imposed on post-sale discounts by dealers. As per the circular issued by CBIC in June, the dealers were liable for 18% GST on the post-sale […]
