Income Tax Department is seeking information on past transaction details from banks and financial institutions. Through past transaction details, tax department will be able to determine Goods and Services Tax (GST) calculations.
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Income Tax Department is seeking information on past transaction details from banks and financial institutions. Through past transaction details, tax department will be able to determine Goods and Services Tax (GST) calculations.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
It is anticipated that the government might reduce the tax rates of items or products falling in the highest slab category i.e., 28 percent.
Find all the latest updates on GST council meetings held after the implementation of goods and services tax. The latest 31st GST council decides about GST new return filing system, GSTR forms revisions, GoM meeting along with GST slab rate reduction.
Definition Of AAR Under Section 100 Of The CGST Act, 2017: An Authority For Advance Rulings (AAR) is a platform to resolve the doubts regarding Goods and Services Tax on questions specified under CGST act.
It is now in the hands of GST council and all the Group of Minister (GoM) to decide the further sequence of tax refunds of Integrated goods and services tax.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
The centre is over-viewing the GST structures for small business and may allow them to file the quarterly returns instead of monthly GST returns.
Exporters and industry bodies pretend their problems related to the Goods and Services Tax (GST) such as full exemptions, timely refund of duties and easier compliance to Finance Minister Arun Jaitley.