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The government is turning over its mind towards the proposal of corporatizing the Ordnance Factory Board (OFB) and reviewing the goods and services tax (GST) on the products offered by the organization. Implementation of higher GST rates As per the recent update, The central government is planning to do changes in the slabs of Goods […]
India’s national treasury is estimated to be in the deficit of INR 5 trillion which is approximately 40% of the total Goods and Service Tax (GST) collection target. The aforesaid loss is due to cases of tax evasion and irrelevant ITC claims by businesses, as declared by Fifteenth Finance Commission (FFC). FCC in its presentation […]
The current ruling needs to stress the misfortune caused to India due to world politics. For instance, chaos in West Asia or any other oil fertile nation of the world will directly affect the oil supply in the consuming nations like India, leaving the country depressed with the burden of oil requirements for its natives. […]
Government is pressing pedals for making ever-stringent laws against fraudulent claims, making bogus claims for input tax credit a non-bailable offence at the end of recipients of goods and services is one such step which is going to be introduced in the February 1 budget, that would occlude revenue leakages. Proposals have been made to […]
High Court set foot in the conclusion made by the Kerala based Authority for Advance Ruling (AAR) to weed away the argumentative confusions related to composite supply under the GST regime. Experts assume that the ruling will become guidelines to conclude the cases associated with composite litigation. The case is related to Abbott HealthCare which […]
It is highly anticipated that the government’s tax-evasion measure through mandatory e-invoicing under GST will not be applied to airlines, banks, insurance companies, telecom service providers and armed forces. Companies like airlines, telecom service providers which have direct communication with clients on a huge scale are anticipated to keep out of mandatory e-invoicing purview i.e. […]
Central GST authorities have started ordering the businesses to come up with a bunch of dozen important documents like various GST returns (GSTRs), copies of the annual report, GST registration certificate, Income Tax returns, tax and internal audits, reports of cost, cash ledger and work orders, etc. Central GST authorities are collecting these records pertaining […]
Finance Minister Nirmala Sitharaman told that the government will iron out issues bothering traders under the Goods and Services Tax (GST) regime and that GST would be additionally simplified, on Tuesday in a CAIT (Confederation of All India Traders) program. Budget preparation is in full swing, keeping the relief for the taxpayer at greatest importance. […]
State and Central GST chief commissioners finalized a nine-point plan to nose-dive the revenue leakages under the goods and services tax mechanism, in a meeting that was held on Tuesday under the chairmanship of revenue secretary Ajay Bhushan Pandey. This action plan will include a standard procedure formulated by Centre and State level tax officials […]
