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The government has directed the E-commerce companies to start collecting up to 1 percent TCS in the course of making any payment to suppliers under GST.
GST and lack of input credit followed by some other factors have affected the profitability of inbound tourism this year as compared to last year when a record 10 million inbound tourists were reported visiting India.
The government now looks strict in terms of tax evasion as Commissioner for GST(investigation) has been appointed to get the law enforced and take over the previous tax regime.
Battery manufacturers are facing problems in terms of the increasing battery demand both from the Automobile and Telecom sector.
In a recent crackdown over illegal GST collection, this time the government itself found to be collecting goods and services tax on RTI which is totally out of the ambit of the new indirect tax regime.
ICICI Bank is going to facilitate the Micro, Small & Medium Enterprises by offering them a Loan facility up to One crore rupees which will be based on their GST returns.
Following the recent Amendments in GST returns, the Government has recently passed a waiver against the Late fee charged on late filing of the GST return form (GST) RETURN-1 for the period of July 2017 to September 2018.
Almost 20 companies had their bank accounts sealed after an intensive operation done by the tax department on all those taxpayers who had not filed up their GST returns on time even after a considerable liability.
The GTSR-9A is an annual return form that has to be mandatorily filed by composition scheme taxpayers under GST. The GSTR 9A form constitutes consolidated details of SGST, CGST and IGST paid during a given Financial Year.
