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The MSME’s demand for the GST rate cuts could not be fulfilled by the Government and no decisions could be taken in this context in the forthcoming GST meeting which is supposed to be held on 28th and 29th of this month.

A new profiteering case has come into light as a Gurugram based constructor and home provider, Pyramid Infratech, has been asked by the NAA to refund the benefit availed out of the input tax credit after the effective rate on affordable housing got reduced from 12 percent to 8 percent from January 25, 2018.

While speaking at the 12th Global FAD 2018 of ASSOCHAM in Ahmedabad, AIFPA’s president Subodh Jindal warned that the Goods and Services Tax (GST) will ultimately contribute to the death of small businesses in the food-processing sector of India.

GST council has this time laid emphasis on invoices generated for all types of transactions. In this context, a ‘Committee on Invoice’ has been set up and two procedural suggestions are made:

GST has been introduced in India to equalize the tax deductions throughout the country. In this context, the builders are advised to buy construction materials only from the registered suppliers so that things could be kept transparent viz.

As no verdict has come from the Central government regarding the payment of the accumulated Income Tax Credit amount to the Gujarat power loom weaving sector.

Contradictory advance rulings is now a common word in the goods and services tax world as there was a lot of litigation against the indirect tax regime in the appellate authority.

The Gujarat High Court has allowed the transition of excise duty credits on purchases made before 30th June 2016. However, the GST law don’t allow the facility of credit of invoices for more than one year that means the invoices which were issued before 30th June 2016.