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A common GST quiddity has been the increased compliance burden on many small and medium-sized enterprises (SMEs). In this light, the GST Council’s recent decision to allow composition dealers under GST to file one annual return along with a simple declaration is more than just a welcome move.
Due to the technical glitches at GSTN Network, E-commerce firms have been facing difficulties to file the details of tax collected at source (TCS) which adversely influencing the working capital of small retailer firms.
The telecom sector has witnessed one of its worst financial years amidst the disrupting tariff wars. The tariff war was sparked by the entry of Jio which offered affordable data plans with free voice and SMS services to its customers.
After successfully clearing all CA attempts, one thing comes in everyone mind either to start a practice or applying for the employment. Both of the options have some set of advantages and disadvantages.
The J&K government promised to reimburse the full amount of CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax) to the traders from J&K but now the traders are left with the end of reimbursement.
The current financial year will witness the introduction of two more Tax compliance forms. Under GST, India’s new indirect tax regime, two new tax compliance forms will be introduced by the end of this current financial year.
Last year, the Government of India had collected Rs 7.41 lakh crore from Goods and Services Tax (GST) but it is expected that the government would collect Rs 13 lakh crore from GST during this year.
The introduction of GST, which standardized India’s erstwhile tax regime plagiarized with cascading tax structure, was seen in business circles as a business-friendly tax regime and was touted as a major push towards foreign investment.
GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.
