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The government has decided that it will focus on easing down the compliance for GST (Goods and Services Tax) for the benefit of the assessments. The government thinks that easing will bring more revenues to the government. With better and easier filing and payment compliance, more taxpayers will submit the GST returns
On Wednesday, July 1st, Amit Mitra, Finance Minister of West Bengal stated that the idea of borrowing from the market to give compensation amount to states for their loss was not a workable solution. In June 2020, GST Council had a meeting in which it had been decided that they will organize a one-agenda meeting […]
The Central Board of Indirect Taxes and Customs ( CBIC ) has provided the facility of filing of NIL statement of form GSTR-1 through SMS from the 1st week of July 2020. The authority also said that this facility will play an important role in GST compliance for over 12 lakh taxpayers. As per the […]
The Authority of Advance ruling (AAR), Gujarat recently ruled that M/s. Railtel Corporation of India Ltd. doesn’t belong to any category of ‘Government Authority’, hence it will be liable to pay GST at a 12% rate Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab […]
The Authority for Advance Ruling (AAR) Himachal Pradesh bench released ruling and cleared that input tax credit (ITC) can’t be claimed by companies for GST paid on hiring commercial vehicles for transportation of employees If companies are providing such a service then such a service is not covered under any law. The AAR Himachal Pradesh […]
As per the recent update, Business doing registration of Good and Service Tax (GST) faced a delay of around 60 days amid countrywide lockdowns. Usually, the process doesn’t take that much time in compliance. The delay has been faced by several appliances who even applied for it before the lockdown and the same doesn’t receive […]
The centre described the current abnormal situation as an “act of God” and also indicated that there was no insurance for the growth of 14% in the GST Collections during this situation. In July 2017 when the GST was introduced, the centre provided insurance to States against any “revenue loss”, if the growth of revenue […]
The CICU stands for Chamber of Industrial and Commercial Undertakings, it is registered as a non-profit making society, and it represents Industry & Trade Sectors of the Punjab State since 1968. As per the recent events, the CICU reflected its disappointment to the Punjab state tax department for its inability to release the pending VAT […]
The Central Board of Indirect Tax and Customs (CBIC) issued a clarification of the refund of ITC under form GSTR-2A The CBIC has issued the notification on October 09, 2019 regarding Input tax credit limitation. Now, it is mandatory to upload complete invoices if taxpayers want full credit. Read More. The clarification has been provided […]
