Powerd By SAG INFOTECH
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The Authority for Advance Ruling (AAR) has passed an order mentioning that now the sale of ‘Going Concern’ of a business will be exempted from Goods and Services Tax (GST).
The continuing errors and technical issues on the GST portal further increase problems for businesses making it difficult to file correct GST returns before the deadlines.
GST council and tax department are organizing a second phase of ‘Special Refund Fortnight’ for the taxpayers which will enable them to draw their refunds at a speedy pace. The agenda is to clear all the pending applications of GST refunds within a stipulated time period.
E-Way Bill is meant for an electronic medium of bill movement and issued on the Common Portal of E-Way bill regarding goods.
The CBIC or The Central Board of Indirect Taxes and Customs has directed its field offices to charge GST on goods stored in customs warehouses by the third party only during final clearance. The move comes after the amendment in the Customs Tariff Act.
Recent Apparel Export Promotion Council approached the Finance Minister and Textiles Minister regarding the issues of GST refunds and Rebate on State Levies (RoSL).
The GSTN is preparing for a major disaster recovery drill to combat any unexpected emergency situation on 2nd June 2018. The drill will take notice of all the glitches and faults to have a vigilant eye on the system.
GST Eway bill is a mandatory feature which is required for the transporters to generate while goods are being delivered via motorized vehicles of value more than 50,000.
Before giving out cheques, make sure to double check your account balance. A fine of Rs 500 plus GST charges is now applicable on bounced cheques.
