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The government has recently again shifted one of the states from one group to another. This has been done to the state of Uttar Pradesh. In a freshly issued corrigendum, the ministry of finance has said that the Uttar Pradesh has been shifted to the 7th Feb 2020 filing due date instead of the earlier […]
A GST credit of approx INR 40,000 crore has been iced-up by the Central Board of Indirect Taxes and Customs (CBIC) on the grounds of GST returns mismatch Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit. The departments […]
Kerala Finance Minister Thomas Issac is currently on a mission to stop tax evasion on Gold. Gold is one of the most sought after items in South districts and therefore has a peek sales. So naturally, the GST fraud in the sector would lead to a huge loss in the state’s tax revenue. To curb […]
The administration currently decided to reset Goods and Service Tax collection targets. The current targets set by the government are Rs. 1.15 lakh crore for February and Rs. 1.25 Lakh crore for March, which are higher than the GST collections of December The government finally crossed the 1 lakh crore mark of GST revenue from […]
Central GST authorities have started ordering the businesses to come up with a bunch of dozen important documents like various GST returns (GSTRs), copies of the annual report, GST registration certificate, Income Tax returns, tax and internal audits, reports of cost, cash ledger and work orders, etc. Central GST authorities are collecting these records pertaining […]
The Government stands on its resolution to make the GST system robust and efficient. There are a number of changes waiting to be implemented and new formats to be introduced in order to make the system more responsive and taxpayer-friendly. You can check here the list of the new updates under GST 2020, including the […]
State and Central GST chief commissioners finalized a nine-point plan to nose-dive the revenue leakages under the goods and services tax mechanism, in a meeting that was held on Tuesday under the chairmanship of revenue secretary Ajay Bhushan Pandey. This action plan will include a standard procedure formulated by Centre and State level tax officials […]
The government of India extended the ‘Sabka Vishwas’ scheme for pre-GST era taxes by till January 15. ‘Sabka Vishwas’ scheme is for dispute resolution and amnesty scheme for pre-GST era taxes. According to an official statement from the CBIC “It is introduced by Nirmala Sitharaman (finance minister) to settle pending disputes of service tax and […]
Recently there is an issuance of a strict rule which states that if the taxpayers do not file the goods and services tax returns, there will be an attachment of bank account and there may be registration cancellation too. This has been decided to be Standard Operating Procedure (SOP) as recognized by the Finance Ministry […]
