Ocean Freight transport is defined as the process through which merchandise goods and cargo and commodities are transported through shipways via shipping lines.
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Ocean Freight transport is defined as the process through which merchandise goods and cargo and commodities are transported through shipways via shipping lines.
The reason being for why the calamity tax is being discussed in the GST meetings has an evident while seeing recent times.
The tax on the supply of goods or services or both is GST. The registered person who is involved in the export of goods or services or taxable supply or both can utilize qualified ITC on goods or services or both used in the development of the business.
In the month of October 2018, approximately Rs 32,000 crore present in Integrated Goods and Services Tax (IGST) pool is distributed among the centre and states.
According to a national tax leader at a reputed financial service providing company, there is an increase in direct tax as Goods and Services Tax (GST) has not given returns as the way it was expected.
The deadline for filing summary sales return GSTR-3B for the month of September has been extended five days i.e. till October 25, 2018 by Finance Ministry.
The national accounts statistics will soon fetch the quarterly goods and services tax data and details on the taxpaying units which will further improve the quality, as mentioned by the statistics ministry.
Recently the goods and service tax network issued an advisory for all the taxpayers who are set to file tax returns for multiple tax periods. This advisory was done in the presence of doubts by taxpayers on filing returns.
To help the states hit by natural calamities, a panel of state finance ministers decided to intend a ‘disaster cess or tax’ under the goods and services tax (GST) and decided to get the reply of all the states on this matter.