According to the strict compliance set by the goods and services tax, not only taxpayers but also the GST officers will be in trouble in case if there are some discrepancies found in the cases related to the GST.
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According to the strict compliance set by the goods and services tax, not only taxpayers but also the GST officers will be in trouble in case if there are some discrepancies found in the cases related to the GST.
The national accounts statistics will soon fetch the quarterly goods and services tax data and details on the taxpaying units which will further improve the quality, as mentioned by the statistics ministry.
The falling GST revenue collections will be hard to contemplate for the finance minister in order to reduce down the fiscal deficit target of 3.3 percent this year.
The MSME’s demand for the GST rate cuts could not be fulfilled by the Government and no decisions could be taken in this context in the forthcoming GST meeting which is supposed to be held on 28th and 29th of this month.
All the Foreign companies who are operating in the E-commerce space and catering to the Indian consumers are directed to get themselves registered to the GST in all States.
The government has directed the E-commerce companies to start collecting up to 1 percent TCS in the course of making any payment to suppliers under GST.
In a recent crackdown over illegal GST collection, this time the government itself found to be collecting goods and services tax on RTI which is totally out of the ambit of the new indirect tax regime.
Almost 20 companies had their bank accounts sealed after an intensive operation done by the tax department on all those taxpayers who had not filed up their GST returns on time even after a considerable liability.
GST was always an ambitious plan when one takes into consideration the diversity that India as a nation subsumes within its territorial boundaries.