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Another blow from the goods and services tax might come soon and this time on the digital banking transfers. A lot of private banks have decided to discontinue the domestic money deposit services from their (BC) banking correspondents.
A Senior official stated that the tax department has been working to implement GST informant reward scheme to reduce the cases of tax evasion by unethical traders and businesses under the new indirect tax regime.
Since its very introduction, GST has been criticized for increasing compliance burden on the Indian taxpayers.
As per a ruling by the Haryana Authority for Advance Rulings, GST (Goods and Services Tax) will be applicable to the mining rights granted to miners and mining companies by the government at the same rate of 5% which is applicable to the supply of the material being mined.
The tax refund mechanism is being deeply examined by the Government and the Government laid emphasis on easing the process of refund for the exporters.
The MSME’s demand for the GST rate cuts could not be fulfilled by the Government and no decisions could be taken in this context in the forthcoming GST meeting which is supposed to be held on 28th and 29th of this month.
Contradictory advance rulings is now a common word in the goods and services tax world as there was a lot of litigation against the indirect tax regime in the appellate authority.
GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.
Following the recent Amendments in GST returns, the Government has recently passed a waiver against the Late fee charged on late filing of the GST return form (GST) RETURN-1 for the period of July 2017 to September 2018.
