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The scheme for offering solar-based irrigation pumps to farmers is in the confusive state as there is no clarity on the goods and service tax provision on the said pumps.
States feared about the adverse effects of the GST taxation in India, which is based on a new rule of ‘One-nation, one tax. The tax collected between August 2017 and June 2018 has been calculated to arrive at a monthly average and surprisingly the collection done in various States have shown a positive result.
A new profiteering case has come into light as a Gurugram based constructor and home provider, Pyramid Infratech, has been asked by the NAA to refund the benefit availed out of the input tax credit after the effective rate on affordable housing got reduced from 12 percent to 8 percent from January 25, 2018.
The Gujarat High Court has allowed the transition of excise duty credits on purchases made before 30th June 2016. However, the GST law don’t allow the facility of credit of invoices for more than one year that means the invoices which were issued before 30th June 2016.
Madhya Pradesh state has now 4 lakh registered traders under goods and services tax regime as the senior state commercial tax official mentioned in a public event.
Finally, it is suggested that the annual GST return form will be able to help the revenue department to find out any possible tax leakage and will keep an eye on all the financial transactions of the taxpayers.
The main objective of the National Anti-profiteering Authority (NAA) is to ensure that benefits from GST Rate reductions reach end consumers.
The Orissa High Court has instructed tax authorities not to take any substantial action against importers on the issue of advance authorization licenses for GST.
Paint makers in India have increased prices of their products several times in the past years owing to the increase in the prices of raw materials and import duties and depreciation in the rupee value.
