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The new indirect tax, GST (Goods and Services Tax), has been in the economy for more than two and a half years now. It was launched claiming that its implementation will be beneficial for the economy and will bring smoothness in the process of tax payments, but the micro, small and medium scale industries (MSMEs) […]
What is GSTR 9? GSTR 9 is filed mentioning the complete information of the transactions done by the taxpayer in a particular Financial year. The form is a consolidated annual form and has details of the inward and outward supplies made/received by the taxpayer in the previous year under tax heads like CGST, SGST, IGST […]
February’s Goods and Service Tax contribution to the national treasury stood at Rs. 1.05 lakh crore which is still less than the targets pre-assumed by the government. Though the GST collection was not up to the targets of the government (i.e. Rs. 1.15 lakh crore for Feb month), it was able to gross 8% more […]
In Bhopal, a total of 75 thousand registered traders accused of making delayed GST payments are now in the eyes of the Central Board of Indirect Taxes and Customs (CBIC). Currently, such taxpayers in the capital have received notices from the CBIC. Out of 75 thousand traders, 50 thousand owed more than Rs. 300 crore. […]
Adamant to revive the GST collection, the government has now designed the roadmap that will lead them to gather Rs. 46,000 crores under interest on late payments. Protesting against the decision of the government, tax experts said that at the time of GST (Goods and Services Tax) implementation when the government was making taxpayers switch […]
The 39th GST Council meeting has been concluded on 14th March 2020 in New Delhi in the chairmanship of Union finance minister Nirmala Sitharaman and other panel ministers. The GST Council has taken some of the firm decisions based on the requirement of the market. Also, the Infosys which is the main developer of the […]
The norm w.e.f 15 February 2020, states that all the importers and exporters are obliged to duly mention their GST Identification Number or GSTIN in the goods shipping documents. This current norm is a part of the government’s endeavor to demolish tax evasion from the country. Relevant to the scenario, the Central Board of Indirect […]
Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. According to the central board of indirect taxes and customs (CBIC) officials, central and state officers are soon going to share information of taxpayers with each other in order to […]
In a bid to simplify the taxpayer’s compliance, the Central Board of Direct Taxes (CBDT) has announced that the taxpayers are now free to switch between newer income tax slab offering lower tax implication from the current one without exemptions. As per the statement, it was said that “Let it be very clearly noted that […]
