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The new GST return system will come into action from October 2020 onwards. The old system got revised due to the need for a single, simple and concise return form which will take the place of multiple return forms of complex nature that are currently being filed by taxpayers. The new system will feature only […]
The GST department is said to prepare a risk score sheet which will suggest and hold the level of scrutiny against the particular taxpayer in future, known from the official sources. This plan is set to conclude even including the annual GST return which is currently on hold for two months to 31st August as […]
In a recent ruling, the AAR, Maharashtra has announced that importers who are having godowns or store goods at custom warehouses in different stages would not require a separate registration for each stage. Such companies would only need to make registration only once at a place where their headquarters are located. This announcement has come […]
Finance Commission Chairman NK Singh on Tuesday emphasized the need to have a conversation between finance commission and the Goods and Service Tax Council (GST) on various concerns related to taxation matter. He further stated that the commission has requested the Finance Minister (who is also the chairman of the GST Council) and has received […]
Latest in the news, Government has made it clear in its pitch that, goods and services tax or GST will be imposed on the exchange of services from one state to another. If the scale of the services provided by the office in one state goes to the office in another state than the responsible […]
The National Anti-profiteering Authority (NAA) has made a pitch for the Standard Operating Procedure (SOP) for Central and State Tax Officials and presented it before the 35th GST council meeting on June 21. According to the proposed SOP, all commissioners of CGST and SGST will single out the top 20 suppliers including distributors, manufacturers and […]
The 35th GST council meeting still away from major decisions for the benefits of the small businessman and traders who are need of some redressal of their complaints. The 10th January earlier notified that the GST threshold has been extended to 40 lakhs from the previous 20 lakhs limit and the central government has also […]
Every registered taxpayer whose turnover of an F.Y. is more than the specified limit of INR 2 crores u/s (5) 35 of the CGST Act shall get his accounts audited by a chartered accountant or a cost accountant and shall furnish its copy and a reconciliation statement in FORM GSTR-9C. From FY 2020-21 onwards Auditor certification […]
The government revealed that 5,106 out of 1.42 Lakh exporters are found claiming fraud IGST returns which are based on bogus invoices. Sources further say that the fraud claims by these risky exporters could exceed over 1000 Crore. On this, the government has decided to manually investigate their claims before issuing refunds to the exporters. […]
