Search results for: GST Act

Altered financial planning and targets for FY 2019 still aspires for changes in tax collection practice and rather make it more desirous, especially for GST as per the Goldman Sachs Economics Research.

A total of 2 new features have been added on the official website i.e., Goods and Services Tax Network ( GSTN ) which includes System Generated Acknowledgement of Application of Appeal and the Population of Data from EWB System into Form GSTR-1. 

Through a recent decision, the GST Council has reduced the Tax on third-party motor insurance for commercial vehicles from 18 percent to 12 percent.

GSTR 7 form filing is done for tax deducted at source and is to be filed by 10th of next month for a particular tax period, by all the eligible taxpayers who deduct tax at source. 

The recent addition of a change in the return filing system is aimed to curb the tax evasion by the gods and services tax network.

The Telangana government has recently opted to amend the SGST Act which would further help the system to offer a refreshed version of return filing and would also facilitate input tax credit under the GST.

In a new way to capture the business entities doing wrongful practices under the GST regime, the government is set to make a new mechanism which would enable the tax officials to raise complaints against the business unit.

The Biggest players of the Tyre Industry looks to be under the scanner of the GST Council as a huge mismatch in the returns is evident from the current probe.

The import and export clearance takes a minimum of 4 days and in the unfortunate scenario, it takes maximum 10 days. And as per the reports, the estimated average time for import and export clearance is around 5.8 days. Now to give relief to the customs, the government took a big step.