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The e-way bill system in the coming time would be enabled to calculate the distance for movement of goods bases the postal PIN codes of the source and destination locations but, there would be a 10% variation allowed.
Many of the exporters have come under the tracing radar of tax authorities in India for claiming the tax credit two times for the same export under the inverted duty structure.
Clarity regarding GST & ITC is much required by any Company and industry, Big or small, as it touches the Economy part of the Businesses. GST Council has constantly endeavoured to make the process crystal clear and gave proper clarification regarding any discrepancy.
Maharashtra state government has come forward with new one-time amnesty schemes to get rid of the backlog of tax assessments which is pending from before the initiation of the goods and services tax regime.
India Inc, the service sector including the Government and the Corporate sector, has got a hint regarding tax rebate from the Finance Ministry.
GST has strategized to help and support the consumption-led states which could result in much higher revenue growth as compared to the manufacturing states. Getting a place in the Compensation list, the States would on a Guarantee basis, be showing revenue growth of 14% on the FY16 base.
GST revenue collection has again fallen down in numbers for the Month of February. The month witnessed a lower GST collection of Rs 97, 200 crores against Rs 1 lakh crore which has been collected in the month of January.
The Delhi government has targeted GST collection of Rs 29,000 crore for the year 2019-20. The government made the announcement of targeting GST collection figures on the same day of introducing the annual budget.
Despite the fact that Bhiwadi is one of the small towns of Alwar in Rajasthan, having the total population of barely one lakh, has become a key contributor in government revenue by giving 12 per cent of the total GST accumulation from Rajasthan in the state treasury.
