In a move to deregister dormant GST assessees, the Central Board of Indirect Taxes and Customs (CBIC) field officers have been assigned with the task to issue show-cause notices and complete the formalities at the earliest.
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In a move to deregister dormant GST assessees, the Central Board of Indirect Taxes and Customs (CBIC) field officers have been assigned with the task to issue show-cause notices and complete the formalities at the earliest.
ITR-1 Sahaj Form is filed by the taxpayers and the individuals having the residential status of ordinary and not other than ordinary, accruing income from salaries or, one house property and other capital gain sources i.e. Interest etc. up to INR 50 lakh per annum.
Income tax return filing is easy and beneficial for an overall financial and records maintenance for future loan perspective and investment purposes.
The reverse charge mechanism is soon going to be implemented across the country starting from 1st July, exactly one year after the implementation of the most popular tax regime i.e. GST.
After the announcement of errors in input tax credit claims, the government is keeping an eye on the activities of some companies such as Insurance, Technology, Telecom, and Banks.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
The GST TRAN 1 form is transition form for the already registered taxpayers in old schemes who are filing the GST TRAN -1 form for availing their previous input tax credit accumulated from earlier purchased stock before the implementation of the GST.
The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3
Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute a major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also.