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The Goods and Services Tax (GST) Council is a federal body between the States and the Centre, but according to the States, Centre is enjoying the creamy side of this arrangement and letting the states wait for the dues.
The government has again extended the tax exemption for one year till March 2020 to all the exporters under small and medium-sized units (MSMEs), exempting them to pay integrated goods and services tax and compensation cess.
A few days back, the government brought up the three new GST Returns namely – Normal, Sahaj & Sugam Forms. Now news has surfaced that simpler GST rules & regulations along with the new returns are making the GST compliance easier due to which the taxpayers are expected to file their taxes by themselves which is affecting the business of the tax consultants.
Recently the GST council and GSTN offered normal GST RET 1 (Return) Form with revised details for all the normal taxpayers.
With the motive to encourage the environment-friendly automobile fuel, Auto LPG industry is looking forward and behesting for the contraction in GST rates on LPG conversion kits for automobiles from the current 28% to 5%.
The GST portal over the last six months has witnessed several changes and updates. All the new updates are rolled out on a regular basis to help and assist the taxpayers in smoothly and effectively filing their GST returns.
The PDF format for the multiple GST return forms under Goods & Services Tax has been notified by the Government. In this article, we would be discussing the structure and PDF format of GSTR 5, GSTR 5A, GSTR 6, GSTR 7 & GSTR 8
Goods and services tax is an endless topic with multiple provisions and acts. It is also considered to be very complex in nature as many of the professional chartered accountants, as well as tax experts, are trying to solve the puzzles introduced by the GST in the last 2 years.
Refunds of many importers have got cemented due to the fact that refunds are not subject to the self-assessment of the transactions, as explained by the income tax department while declining the reimbursement.
