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The center is proposed by the Rajasthan government to prolong the duration of authorization of goods and services tax (GST) exemption to states for 5 years from 2022 to June 2027, concerning the weak fiscal situation of the states in the lockdown. The states urged a rise in the centers’ share about the sponsored policy […]
The Gujarat AAR held that GST payable on the common maintenance fund or deposit negotiated through the members. The petitioner is the owner of The capital commercial co-op (service) society ltd which is enrolled under Commercial Co-Operative service society which gives maintenance service to their members. Inside the monthly maintenance fees, Recurring basis, and Common […]
Seeking protective data analytics through the firms, the government has initiated a restriction to the GST evasions where 7000 entities were actioned upon and arrested 187, it is a campaign to float the tax collection said Ajay Bhushan Pandey Finance Secretary. In December 2020 the net GST collection was Rs 1.15 lakh cr which was […]
The central government has inserted a rule to prevent fraud from claiming an input tax credit under the GST. Now, businesses having a monthly turnover above ₹ 50 lakh will require to pay at least 1% of their GST in cash. Latest Changes for New Rule Under 86B of CGST Act Recently there was a […]
Beneath the previous electronics manufacturing incentive policy the manufacturing units given the goods and service tax (GST) worth Rs 35,634 cr in which the provided subsidy was just Rs 1021 cr which shows that the substantial cost advantage for the government which the GST will only enhance below the new production associated incentive (PLI) policy. […]
All over the country, the Directorate General of Goods and Services Tax Intelligence (DGGSTI) in the previous month has arrested 100 persons and recorded 3479 entities inside 1161 cases in the concern of illegally claiming the input tax credit(ITC) through the bogus GST invoices and causes the government tragedy. Despite lower revenue collection. Latest Update […]
Due to coronavirus, the shortage is imposed in Punjab by 43%. The union government is ignoring to provide the goods and services (GST) compensation. The state is still starving over Rs 9,044 cr i.e 43% so to engage the yearly target of Rs 15,868 cr GST collection. However, the union government has given Rs 1385.96 […]
There is once again fear has attained out for the traders because of the new Delhi goods and service system (GST) as per section 36(4). There is anger for the same rule among the traders as it is called an anti-trade rule from its start. Due to covid-19 from February to August, it was stopped, […]
In the context of reducing the tax collections between the bogus invoicing and fake input tax credit, the GST council has now provided the notice to the assessee to conduct an audit. They sought details about the credentials from businesses concerning the fiscal years 2020-21 and Onwards. Latest Update The audit consists of an examination […]
