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GST department is soon going to come up with measures to duly verify the exports and are also planning to install a standard operating procedure (SOP) for on the stop verification of suspected taxpayers. This would prove to be an excellent step towards eradicating tax evasion from the country. In the National GST Conference of […]
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) […]
On Tuesday, 3rd March 2020, a parliamentary panel proposed a reduction in GST rates for the Automobile Sector of the country. It recommended that the GST rates imposed should be reduced at least until the Automobile Sector revives in full. It also said that uniform road taxes What is One Nation One Road Tax? One […]
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 […]
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 […]
The GST rate cuts announced in Budget 2020 by the finance minister, Nirmala Sitaraman will provide an annual benefit of INR 1 trillion to the Indian customers. This, in total, will help citizens in the country to save approx 4% of their monthly spending, according to the Union Budget speech 2020-21 made by the finance […]
India’s national treasury is estimated to be in the deficit of INR 5 trillion which is approximately 40% of the total Goods and Service Tax (GST) collection target. The aforesaid loss is due to cases of tax evasion and irrelevant ITC claims by businesses, as declared by Fifteenth Finance Commission (FFC). FCC in its presentation […]
