Powerd By SAG INFOTECH
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When the GST was introduced on the midnight of July 1, 2017, many pundits termed it as India’s second tryst with destiny. Tryst though is a not an appropriate word to describe a landscape changing move like GST.
Taxpayers these days are running head and toes for their documents which have to submit within 7 days after getting the due noticed from the income tax department.
The GST was introduced to boost tax revenue in India. But the first year of GST has been so far a mixed bag in terms of tax revenue. 31 out of the 34 Indian States/UT’s have reported revenue shortfall.
The E-Way Bill introduced under the GST has been a great success and the data proves it. Since inception on April 1, 2018, the total number of E-Way Bills generated sums up to 9 crores 42 lakhs.
In response to the Finance Secretary Hasmukh Adhia’s written concern over the poor performance of the central tax officials when compared to their state tax counterparts
The annual GSTR forms are expected to roll-out in the upcoming GST council meeting as the finance ministry is working hard to complete it as soon as possible.
The upcoming Monsoon Session of the Parliament is all set to table amendments in the GST which will also be completing its 1st year since introduction on July 1st.
Goods and services tax is a major tax structure implemented through India with a scope of tighter compliances and revenues for the government. In the wake of this fact, many of the GST officials are trying hard to account for every taxable transaction.
The increase in the frequency of notices served for mismatch of input tax credit (ITC) claimed in the GSTR-3B forms filed by the taxpayer against that of the auto-generated GSTR-2A form must clear all doubts that exist regarding the efficiency of GST.
