The government authorities have clarified that the mess facility which is provided to staff or students will continue to be taxable at 5 percent without any input tax credit.
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The government authorities have clarified that the mess facility which is provided to staff or students will continue to be taxable at 5 percent without any input tax credit.
Strict actions have been taken by the government against 17,527 alleged tax evaders first time in six months since the introduction of the Goods and Service Tax Regime (GST).
GST council meeting which is going to hold on 18 January will make a clear distinction between the products should be treated under handmade items or not.
GST e way bill is now a reality as the GST council has decided to uplift the e way bill into action from starting 1st February 2018. A GST e way bill is a mandatory document for all the logistics transactions with value more than INR 50,000 while transportation by road and air (within India).
Karnataka has proved to be well dependant on its own by giving an example of perfectly scrutinized GST tracking systems. Recently when GST revenues dipped down to a concerned level, the government has sought some information regarding the proper implementation of GST regime in the state of Karnataka.
Finally, with the implementation of GST last year, India embarked into a new era of indirect taxes.The response to GST by Indian industries has been a mixed bag. The industry is slowly but surely getting acquainted with the new laws and changes brought to various sectors by it.
The government authorities are in discussion to further extend the limit of composition scheme under GST as to give relief to the taxpayers.
Many traders want to file GST but due to lack of computer awareness, they have to hire lawyers and accountants at a higher cost which is the main cause of delay in filing returns.
In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime