The Group of Ministers (GoM) Committee has suggested some changes to make the composition scheme more attractive and by lowering taxes with a flat 1% tax on restaurants.
Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Group of Ministers (GoM) Committee has suggested some changes to make the composition scheme more attractive and by lowering taxes with a flat 1% tax on restaurants.
Goods and services tax which was implemented recently and to be exact on 1st July 2017 with a lot of promises and work on progress tagline, is known to be subsuming all the indirect taxes into one.
The GSTN system handles the IT infrastructure for GST regime, is soon going to unveil an online application for claiming the refunds.
GST implementation has put the BJP government on the edge of a knife. To fight against the allegations being showered by the opposition party, BJP government is trying to resolve the issues related to GST.
As per the tax experts review on GST implementation, the old-issue of transfer pricing can tremble the system in coming future.
The Aviation MRO (maintenance, repair, and overhaul) wants the government to make a simple structure by either cutting down 18% GST on the aviation MRO sector or levy customs Duty on aviation who are serviced out of the country and exempts from contribution to GST.
In a GoM panel which has been set by the union tax body and GST council has been sorting to view upon issues and complications regarding the micro, small and medium enterprises (MSME) sector in the second meeting scheduled for 29 October.
Goods and services tax recently surfaced in the Indian economy and has affected a lot of sectors. Here we can see a detailed picture of what GST have done to the steel industry in India.
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.