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The government has suggested some amendments to be made in the Goods and Services Tax (GST) to counter the increasing number of frauds in exports. The reports of investigations conducted have found that a large number of exporters overestimate the exports in the records in order to claim higher amounts of Input Tax Credits (ITC) […]
While the entire world is in the grip of COVID-19 disease, India is no exception. The country’s February Goods and Service Tax (GST) collection was only Rs. 98,000 crore till March 30, 2020, said sources. Prior to corona crises in India, the GST collection stood at Rs. 1 lakh crore mark that is again less […]
The Bombay High Court said that the credits of Goods and Services Tax (GST) collected by the taxpayers are monitored by the Central Board of Indirect Taxes and Customs (CBIC). The board decides the time limit and way of the utilization of the credits. The experts said that as the HCs of Haryana, Delhi, Calcutta, […]
The Authority of Advance Ruling (AAR) Bengal, that Goods and Services Tax (GST) at the rate of 12% will be applicable to the supply of works for Metro and Monorail Construction contracts. The order was given under the case of an application raised by ABB India Ltd., under which the authority found that it was […]
The government denied giving any additional relief to the mobile sector apart from extended due dates in filing the returns. The sector will face a 6% hike in the rates that will add on to the already worsened situation due to the COVID-19 outbreak. The government’s only relief to the mobile manufacturers is an extension […]
Owing to the immense financial loss caused to the tourism sector due to the coronavirus outbreak, Tourism Ministry is now asking the government to eliminate Goods and Service Tax (GST) levy from the sector for the next six months, as declared by the sources. The proposal was made after combined recommendations drawn from several tourism […]
Paying heed to the current scenario, FM Nirmala Sitharman has granted a considerable relief to non-resident Indians. The threshold limit has been set to Rs. 15 lakhs per year (income from assets in India) for a tax levy while exempting global incomes. FM Nirmala Sitharaman recently gave relief to REITs and InvITs through changes in […]
COVID 19 outbreak has done a huge financial loss to hotel businesses such as marriage and banquet bookings, amidst this financial calamity hoteliers have urged the government to postpone the payment of interest on bank loans taken by them as they are unable to pay off their liabilities. Adding on to this cordial demand they […]
The traders dealing in the textile business got relief from the hike of Goods and Services Tax. The GST council has decided to put the provision, to increase the rates of tax on specific garments, on hold for some time. The council said that they have decided to keep the GST rate fixed to 5% […]
