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The execution of the GST was a ‘monumental reform’ which disturbed the economic growth for only two quarters, Finance Minister Arun Jaitley said replying the ‘cynics and critics’ who criticized it for affecting the growth of GDP.
Ocean Freight transport is defined as the process through which merchandise goods and cargo and commodities are transported through shipways via shipping lines.
The drawback of the input duty refund under the duty drawback scheme is that it is lower as compared to last year’s IGST refund as claimed by the exporters which further noted by the Commerce Ministry.
The goods and services tax requires multiple forms to be filed while doing GST return filings and has released all the forms along with the PDF format for the taxpayers.
Matching and Reconciliation were part of the erstwhile VAT regime too. But the process of matching data between account books and tax returns was not as tedious as it is under current indirect tax structure in India i.e GST.
The reason being for why the calamity tax is being discussed in the GST meetings has an evident while seeing recent times.
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.
In response to an application filed by Premier Vigilance & Security Pvt Ltd, a company providing transportation and services to banks, the West Bengal Authority for Advance Rulings (AAR) has passed an order saying that Goods and Services Tax (GST) will be levied on reimbursement of toll charges.
The GST department of the Haryana region has recently issued circular mentioning that all the field officers must hold and block the input tax credit pertaining to certain conditions.
