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Petroleum products have drawn the new government’s eye of TLC onto itself. Now the emphasis is given on encompassing the key petroleum products in the goods and services tax (GST) sphere. At present, five petroleum products — petrol, diesel, crude oil, natural gas and aviation turbine fuel (ATF) — are out of the ambit of […]
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‘ […]
The collection of GST (Goods and Services) was the highest in the month of April till now but this sudden increase in the GST revenue is far from the sight of becoming the permanent norm. In April 2019, the GST revenue increased by 10 per cent i.e. INR 1.13 trillion ($16 billion) as compared to […]
According to a person, the government has docked the GST (Goods and Services Tax) anti-evasion because they were asking automobile dealers for the retrospective tax on the discounts/benefits that have been taken from the manufacturers to promote the sales. The above-quoted person said on the anonymity condition that as per the CBIC (Central Board of […]
Traders of Tamil Nadu urged to look into the GST (Goods and Services Tax) and make changes in it. They also demanded to remove the 18 per cent of the collection which is charged for bank transactions and to include the diesel and petrol under the GST. As on 5th May the Traders day was […]
The CBDT (Central Board of Direct Taxes) will make an agreement with the GSTN (Goods and Services Tax Network) about the formal data exchange mechanism so that the Income Tax department and GST authorities can automatically share the information of the taxpayer between each other. As per the CBDT order that has been issued on […]
With the intention to reduce compliance burden, the CBIC has notified the simplified ‘statement for payment of self-assessed tax‘ in Form GST CMP08, to be furnished by composition taxpayers. Relief with the seasoning of benefits and simplification has been provided by the finance ministry to composition scheme taxpayers under the GST, permitting such businesses to […]
A challenging situation for the indirect tax department has emerged after the bail has been sanctioned to the promoters for circular trading by the High court. The indirect tax department on their own motion had arrested many promoters for circular trading and evading GST (goods and services tax), however, Mumbai High Court granted bail to […]
