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The GST aspires to be ‘One Nation One Market One Tax’. But the existing multiple tax slabs in India’s new TAX law means that anti-profiteering practices are on the rise especially in places where GST awareness is minimal.
A statement by a finance ministry official confirms that there is no likely to be a GST on free banking services like ATM withdrawals and issuance of chequebooks.
The GST department has launched an investigation to determine the reasonability of the 100% refunds claimed by banks on GST paid on vendor services for ATMs.
The GSTN that powers India’s new destination based indirect tax, The GST, was never supposed to be a mere online portal for Tax Collection.
One very important outcome of the 27th GST Meeting was the Government’s decision to take complete ownership of the GSTN Network.
After a thorough analysis of GST returns and tax data received so far, the GST Council has started issuing scrutiny notices to businesses who have not paid tax in the line of their final tax returns.
Inspired by the continuous increase in tax compliance ever since the launch of the goods and services tax regime, the GST Council has set the target for GST revenue for the ongoing financial year (FY19) at Rs 12 trillion.
The GSTR-3B is the lifeline of India’s new indirect tax law, the GST. The GST law mandates registered dealers to file monthly returns via the GSTR-3B form for each GSTIN. Further, the tax liabilities must be paid by the last date of filing GSTR-3B.
The Authority for Advance Ruling (AAR) has mandated International Passengers to pay GST on Goods purchased from shops within the Airports premises. Earlier the shops popularly known as Duty-Free shops were exempt from any form of tax.
