Powerd By SAG INFOTECH
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The tax department has started sending notices to taxpayers asking them to provide documents in support of the transitional credit claims filed by them.
The current financial year is in its last week.This fiscal year witnessed a complete overhaul of the previous taxation policy.
Due to the GST implementation, even foreigners and tourists are backing up in purchasing gold which they otherwise entitled to claim. The absence of refund mechanism has to lead to dump in sales of gold by NRIs and foreigners.
In the meeting held earlier this month, the GST Council has decided that it will implement e-wallet system to ensure timely refunds to exporters.
In a report released after the analysis of the indirect tax systems implemented by 115 countries, the World Bank has declared that the GST system is one of the most complex indirect tax structures with the second highest tax rate in the world.
The domestic sales for passenger automobile vehicles have grown by leaps and bounds. However, the export figures for passenger vehicles are in sharp contrast to those of the domestic sales.
GST Refund Fortnight is a scheme by the GST council to address refund issues related to the exporters in India. The scheme would be observed from 16.07.2018 to 31.07.2018 across all field formations to deal exclusively with pending GST Refund Claims (IGST & ITC).
CBEC Chairperson Vanaja Sarna told that income authorities will set up the camp in the nation for a fortnight starting from March 15 to ease the exporters’ GST refund woes.
The Goods and Services tax (GST) is both a challenge and an opportunity in effectively managing the working capital. There are many media houses that will help you to navigate its complexities and extract the maximum benefits from the new tax regime offers in managing working capital.
