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On Monday, 23rd December 2019, Sushil Kumar Modi Bihar Deputy Chief Minister and the convenor of Group of Ministers (GoM) on integrated GST stated that- ” The Goods and Services Tax (GST) Council is examining the validity of 66.79 lakh new registrations.” In a conversation with reporters after the meeting of the Group of Ministers, […]
The Government is to pass an amendment under section 49 of GST in which the IT officers will be inspecting the fraudulent nature Input tax Credits made by the taxpayers. The invoices that are furnished by the taxpayers will be checked to be legitimate. Input Tax Credit Eligible & Ineligible Purchases: To avail input tax […]
The government is looking upon reforming the set of provisions regarding tax that is allotted to the intermediary service providers (ITs) making it tax-exempt. Included in the list are services from BPO, export services, IT/IT-enabled services and various back-office assistance extended to foreign organizations. The issue will be a subject of discussion in the next […]
It is highly anticipated from the market experts that the GST council will increase the tax on mobile phones and fabric in the upcoming week. This action is likely to be taken from the government end in order to boost the revenue collection as well as correct the inverted tax structure. Presently, 12% GST is […]
Sign of Relief for Bharti Airtel, Vodafone and Idea – The Department of Telecommunications will turn out the Goods & Services Tax Council through the Finance Ministry for the pending (ITC) Input Tax Credit As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the […]
Stated by the Central Board of Indirect Tax and Customs (CBIC), the percentage of individuals filing tax has hiked to 50% as the last day of the tax period approached. On 20th November 2019, the accumulated GSTR 3B forms showed a total of 18.27 Lakh files on the desk. If compared to the returns filed […]
The Insurance Corporation Employees Union has put forth a demand to remove GST on premiums. In 2014, GST at the rate of 18% was imposed on premiums for insurance policies by the Central Government. At the same time, interest for loans on policies and policies renewal were also not escaped by GST implementation. According to […]
The states of India which are under the surveillance of non-BJP rulers like Punjab, Kerala, Rajasthan, West Bengal and Delhi spoke about their concerns related to GST compensations. They voiced against the Centre claiming that states are in the situation of the financial crisis to which centre needs to look upon. GST compensation is still […]
In the midst to scenario where tax governance is concerned over the issues of GST, Finance Minister Nirmala Sitharaman has called for a meeting of tax practitioner association, MSME sector representatives ICAI representatives collectively to talk about the kind of grievances each group is facing and what is the solution for the same? In the […]
