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MakeMyTrip, Yatra, and Cleartrip are in great confusion over the newly implemented TCS provision coming under the Goods and Services tax regime. The e-commerce companies are set to deduct the TCS under the TCS provision except for the agents.
E way bill now demands another compliance mandatorily to be followed as the GST network has made it compulsory to include the PIN code of the place where the consignment is to be loaded or unloaded.
Another blow from the goods and services tax might come soon and this time on the digital banking transfers. A lot of private banks have decided to discontinue the domestic money deposit services from their (BC) banking correspondents.
A Senior official stated that the tax department has been working to implement GST informant reward scheme to reduce the cases of tax evasion by unethical traders and businesses under the new indirect tax regime.
GSTR 7A is a GST form for all the tax deductors who had deducted the TDS i.e. tax deducted at source from the payments made. The form must include all the details of tax deducted at source by the supplier of the products.
The Institute of Chartered Accountants of India (ICAI) forms an indirect tax committee which is also responsible for any valuable suggestion for any changes or introduction of forms in the GST act.
The Central Government has always been upbeat about passing benefits from GST tax reduction to the end consumers.
These days businessman are looting both the government and the consumers in the name of GST as there is software present in the market taking the overall liability of GST at only 10% of the original.
The due date for filing GSTR-1 has been extended to 13th April for the month of March 2019 on the suggestion of GST department by CBIC. This extension of due dates for filing GST returns is a long affair and has been going since the implementation of Goods and services tax on 1st July 2017. […]
