Search results for: GST regime

Since the time of GST implementation in India, The Government has been constantly trying to simplify the GST process with accuracy. Thus trying to get the number of Ledgers and accounts reduced which they are bound to maintain.

The Goods and Services Tax (GST) has been introduced in India on 1 July 2017. Since then it has come across several challenges.

The examination of Goods and Services Tax Practitioners (GSTPs) has been conducted by the National Academy of Customs and Indirect Taxes and Narcotics (NACIN) in terms of second proviso to sub-rule (3) of rule 83 of the Central Goods and Services Tax Rules, 2017.

The Deputy Chief Minister of Bihar, Sushil Kumar Modi, discussed regarding the proposal for raising the GST threshold. He said that this proposal is going to prove as MSME friendly and would provide relief to the particular large section of the Business society which falls under this category.

Goods and Services Tax is makings its way to hawala transactions because businesses are claiming ITC that are not able to be matched with the invoices, said West Bengal Finance Minister Amit Mitra.

Currently, the investigation has been done by the tax officials under which the officials have observed that the pharmaceutical companies have claimed the input tax credit (ITC) for free samples being offered by them as a promotional activity.

A recent ruling by the Kerala High Court states detention of vehicles transporting personal effect goods without e-Way Bill as invalid. Under the GST regime, an e-Way bill must be furnished against transport of goods whose value exceeds Rs. 50,000.

According to a senior government official, GST evasion worth Rs 12,000 crore has been recorded in 8 months between April and November.

The reserve bank of India got a new governor namely Shaktikanta Das, who was also a former economic affairs secretary and also the member of finance commision currently.