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The current sorry state of the once flourishing Surat’s Textile Industry can be attributed to the policies of the State Government.
In order to ease the GST impact on the exports industry of India, the government has today sanctioned pending GST refunds of over Rs 30,000 crore to those exporters who are waiting to get input credit or claim back the IGST paid by them on exports.
A report released by Federation of Indian Export Organisations (FIEO) reveals that the government owes more than Rs 20,000 crore in GST refunds, of which half the amount is pending as input tax credit.
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.
A GST seminar was organized recently by the Tax Practitioners Association. The venue was Indore’s very own and famous Pritamlal Dua Auditorium.
The GST department has launched an investigation to determine the reasonability of the 100% refunds claimed by banks on GST paid on vendor services for ATMs.
A demand has been put by the Export Promotion Council of India for the online linkage of the Goods and Services Network (GSTN) with the NSDL portal to ensure a fast and smooth transition of GST refunds.
Paying income tax is the responsibility of salaried taxpayers in order to avoid the IT-Department follow. But, many taxpayers find some ways through which they can hide their original taxable income and pay fewer taxes.
It is very weird to find that GST refund complaints are not eligible due to the internal misrepresentation. The exporters of garment industry have falsely said that they are not getting the GST refunds, while in fact, they didn’t even apply for the same.
