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Witnessing the downturn phase of the economy, convulse in the manufacturing sector and youth’s famine for jobs; Revenue minister RV Deshpande on Sunday petitioned Prime Minister Narendra Modi for barbering goods and services tax (GST) rates as the high GST rates are cornerstones for the grievous slump in the manufacturing sector today. He appealed to […]
As per an official, Sooner there will be a single authority for sanctioning and processing of the GST refunds. The Finance Minister has looked into the matter and is thinking to revamp the GST refund process. Currently, the process has a twin refund sanctioning authority of the central and state tax officers. But with the […]
GSTR 1 is filed by all the registered taxpayers under the goods and services tax. It includes all the sales returns (outward supplies) of the business firm. It is mandatory to file a GSTR 1 return by every taxpayer and has to file accurate data in the return filing. Gen GST software becomes the solution […]
Generally, the Goods and Service Tax (GST) should be charged on goods and services, not on immovable objects like property. However, the Indirect tax laws of India considers the sale of under-construction residential apartments as a supply of goods and services. In the recent amendments of GST rates, the levied GST tax rates on under-construction […]
The time period of almost two years since the GST regime started on July 1, 2017, has not been proved sufficient to utterly manifest the very spirit of GST – the common national market. With the beginning of Goods and Services Tax (GST) on July 1 2017, the government in its manifesto assured the creation […]
The taxpayers in India have got a big relief ever since the government passed the new GST Act. With the implementation of the new GST Act, the cascading effect of various taxes has been diminished by the government to a greater extent. Thanks to the new GST regime based on the ‘One Nation, One Tax‘ […]
Today on 29th May 2019, a webinar is going to befall on the subject matter Prototype on New Return. The webinar is going to take place in Hindi and will start sharp at 2.30 pm IST. There will be certain topics which will be covered in the webinar i.e. Introduction Purpose of Prototype, how […]
With the finalization of Lok Sabha election results, the finance ministry is full-fledged ready with the 100-day agenda for the new government. The preparation of this agenda is a step taken by the FinMin, after receiving orders from Prime Minister’s Office, with the antecedence motive of boosting the economy which declined to 6.6 per cent […]
The realtor making shopping mall has got the conclusion about clogged credit under the goods and services tax (GST) regime from the Orissa High Court. This shopping mall construction company is contented with the decision as the court has approved input tax credit to it. The issue has been cleared up under Section 17 (5) […]
