Powerd By SAG INFOTECH
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On Tuesday, The Finance Secretary Hasmukh Adhia assured that the GST is now way past its troubled teething stage. Just a month ahead of its 1st anniversary, GST has now entered a smooth phase with increased tax compliance.
India doing well in the ease of doing business criteria means an increase in foreign investments but India’s domestic industries are still getting at ease with GST.
GST council and tax department are organizing a second phase of ‘Special Refund Fortnight’ for the taxpayers which will enable them to draw their refunds at a speedy pace. The agenda is to clear all the pending applications of GST refunds within a stipulated time period.
The GST is self-assessing by nature while more than 1 crore Taxpayers are registered under GST. Self-Assessment is necessary to determine tax liabilities.
GSTR 10 is a final return form which is furnished by the taxable person whose GST registration is annulled or surrendered.
Electronic Bill or the e-way bill will come into effect from April 1, 2018. E-way bill is an important step towards India’s dream of becoming a digitally driven Tax Economy.
The current financial year is in its last week.This fiscal year witnessed a complete overhaul of the previous taxation policy.
GST Refund Fortnight is a scheme by the GST council to address refund issues related to the exporters in India. The scheme would be observed from 16.07.2018 to 31.07.2018 across all field formations to deal exclusively with pending GST Refund Claims (IGST & ITC).
To tackle the cases of tax evasion, the GST officials have come up with the idea to enable a checking feature in the new returns filing system. This will ensure that all the credit requests are first checked for whether the tax has been paid already.
