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The Goods and Services Tax Appellate Tribunal (GSTAT) has been introduced by the council to address the issues relating to the complicated regime
Recently, the Indian government has introduced some changes in the credit utilization mechanism under GST wherein the companies initially have to settle down the tax liability by availing IGST credits even before the utilization of central GST (CGST) and state GST (SGST) credits.
The Income Tax department has highlighted the fact that people are showing bogus documents to claim ITR falsely and also there is an increment in cases where people are displaying less income then what they actually earned to evade tax.
After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.
Finance Minister Piyush Goyal on Tuesday said that Concession on tax has been offered to the poor and the middle-class people considering their tight budget.
In the recent 34th GST council meeting there were a lot of changes brought into the real estate sector regarding the rate cut over under construction properties. However, the finance minister has assured that the next meeting agenda would be cement rate reduction.
Contradicting the arguments of the country’s top two-wheeler manufacturers, the Managing Director, Mahindra & Mahindra, Pawan Goenka while talking to Moneycontrol, urged through his statement that the current GST rates should not be reduced as it is in sync with the earlier charged tax rate of excise and VAT and thus does not require any change.
As per the government reports, the central government has till now collected a staggering amount of INR 4,172.44 crore as late fees for missing GST return filings by the taxpayers.
The Goods and Services Tax department has uncovered a scam of Rs 230 crore in Tamil Nadu.
