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The GST Council has officially unveiled three new GST return forms, named GST RET-1 (Normal), GST RET-2 (Sahaj) and GST RET-3 (Sugam).
The Central Board of Indirect Taxes and Customs (CBIC) has declared that now TCS (Tax Collected at Source) would not be subsumed in the value of goods while calculating the GST (Goods & Service Tax).
Get to know about the changes made in the ITC (Input Tax Credit) eligibility under GST (Goods and Services Tax) which came into effect on 1 February 2019.
The goods and services tax (GST) is a value-added tax charged on most goods and services sold for domestic consumption, introduced by the Constitution Act in 2016.
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.
A Hyderabad GST commissionerate order has totally changed the scenario for the late GST return filing taxpayers as they would now have to pay interest on even input tax credit (ITC).
GSTR 7 form filing is done for tax deducted at source and is to be filed by 10th of next month for a particular tax period, by all the eligible taxpayers who deduct tax at source.
The Biggest players of the Tyre Industry looks to be under the scanner of the GST Council as a huge mismatch in the returns is evident from the current probe.
As per the new Rules and latest Directives from the CBIC (Central Board of Indirect Taxes and Customs), the Cars having price range more than Rs 10 lakh could cost more to the Indians due to the extra tax charged as per the new directives and rules from the Government’s end.
