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The Goods and Service Tax is more than a year old now and in this short period of time, it has triggered landscape changes in many hitherto docile segments. One among these is the Indian warehousing segment.
From October 1, under GST law, E-commerce aggregators like Amazon, Flipkart and others need to deduct 1% tax for each of their transactions.
A common grievance heard across all GST related seminars in the country has been related to GST Audits. In Fact, the complexities in GST audits have been hard to get the head around not just for common taxpayers but CA’s too.
A popular Japanese electronics based company recently unveiled a very helpful and easy to use GST calculator in India. The models of calculator namely MJ-120GST which costs Rs 398 while the other model, MJ-12GST costs Rs 475 and are now available in the Indian market.
The newer version of the Gen GST – return filing and e-billing – software has been launched now. It is bigger, better and comes with more features than before. Gen GST is also the first GST software in the accounting segment to be completely independent of platform and the OS. It is also available in both online and offline variants.
The drawback of the input duty refund under the duty drawback scheme is that it is lower as compared to last year’s IGST refund as claimed by the exporters which further noted by the Commerce Ministry.
The goods and services tax requires multiple forms to be filed while doing GST return filings and has released all the forms along with the PDF format for the taxpayers.
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.
The reason being for why the calamity tax is being discussed in the GST meetings has an evident while seeing recent times.
