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It is highly anticipated from the market experts that the GST council will increase the tax on mobile phones and fabric in the upcoming week. This action is likely to be taken from the government end in order to boost the revenue collection as well as correct the inverted tax structure. Presently, 12% GST is […]
Sign of Relief for Bharti Airtel, Vodafone and Idea – The Department of Telecommunications will turn out the Goods & Services Tax Council through the Finance Ministry for the pending (ITC) Input Tax Credit As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the […]
Stated by the Central Board of Indirect Tax and Customs (CBIC), the percentage of individuals filing tax has hiked to 50% as the last day of the tax period approached. On 20th November 2019, the accumulated GSTR 3B forms showed a total of 18.27 Lakh files on the desk. If compared to the returns filed […]
The Insurance Corporation Employees Union has put forth a demand to remove GST on premiums. In 2014, GST at the rate of 18% was imposed on premiums for insurance policies by the Central Government. At the same time, interest for loans on policies and policies renewal were also not escaped by GST implementation. According to […]
The states of India which are under the surveillance of non-BJP rulers like Punjab, Kerala, Rajasthan, West Bengal and Delhi spoke about their concerns related to GST compensations. They voiced against the Centre claiming that states are in the situation of the financial crisis to which centre needs to look upon. GST compensation is still […]
In the midst to scenario where tax governance is concerned over the issues of GST, Finance Minister Nirmala Sitharaman has called for a meeting of tax practitioner association, MSME sector representatives ICAI representatives collectively to talk about the kind of grievances each group is facing and what is the solution for the same? In the […]
To prevent tax evasion and to motivate the traders to duly & timely pay Goods and Services Tax (GST), the Uttar Pradesh government is thinking of providing free accidental insurance and pension facilities to traders registered under GST. The meeting held among the top officials of the Commerce Tax Department under the chairmanship of Chief […]
Consistant towards achieving a solid GST structure and preventing cases of GST leakages and frauds government keeps on improvising the tax laws for good. Many new provisions are allowed by the government and some old ones are amended in order to make GST a much more convenient and realistic form of tax governance. With effect […]
Economist and current FM of West Bengal Amit Mitra’s warning on declining GST revenue were dismissed by many saying it a pure politics. In an event, he said that India’s federal revenue system is at risk if the Centre denies guarantee of a 14% GST growth in the states’ revenue right now, if the state […]
