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With the increasing fear of declining GST collection, the government can change the procedure of the Invoice Matching system. In consideration of this move, the invoice matching is not done by the assessee but it will be done by the tax department itself.
The government authorities are in discussion to further extend the limit of composition scheme under GST as to give relief to the taxpayers.
With the implementation of the biggest reform (GST) in the modern history of India, the expectations were quite high. It is meant to benefit the businesses and economy equally coming under the ambit of Goods and Services Tax.
To make an initiative in preventing tax evasion by small businesses and traders, the government will introduce the Reverse Charge Mechanism under Goods and Services Tax(GST). In this reverse system, it is the responsibility of recipient utilizing goods and services to furnish GST liability rather than the suppliers, as per a report.
The Telecom Regulatory Authority of India (TRAI) has recommended the FM, Arun Jaitley to lower applicable 18% GST on telecom services to 12%.
The new Goods and Services Tax Regime (GST) is being paid by the small and marginal farmers in Odisha to dig the wells under the MGNREGA schemes.
In a recent notification, the Central Board of Excise and Customs (CBEC) has clarified the doubts on GST (Goods and Services Tax) liability on an under-construction property and ready-to-move-in property.
According to the recent data from the Centre for Monitoring Indian Economy (CMIE) has shown the biggest declines in the home loan growth.
A senior official mentioned in a statement that the government may permit the use of stickers to show reworked maximum retail price (MRP) on stocked goods of pre-GST for three months until March 31.
