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The covid-19 pandemic has given a setback to the goods and services tax (GST) collections through India so far, the fiscal year obtaining lower than half of the revised full-year target. The central government has obtained only 47% of the amended full-year target of Rs 6.90 lakh crore GST collections. It is to note down […]
When the Goods and services tax (GST) regime was made on July 1, 2017, the commercial tax department recognized an 85% rise in the number of assessees who denied filing the returns. The council also mentioned a rise in the number of cases in which tax left still not have been furnished from the last […]
The Karnataka AAR held that 18% GST is relevant on erection & commissioning of lifts or escalators for domestic use. The applicant is the owner of M/s BG Elevators and Escalators Private Limited is an enrolled private ltd company that performs trading and erection and commissioning of lifts and elevators for domestic and commercial use. […]
The parliamentary panel has recommended to the finance ministry that the government needs to make breakthrough /structural changes in the mechanism of goods and services tax (GST) and should step up the compliance procedure to boost revenues and fill up the gap in states GST revenue receipts. Due to the CORONA pandemic, several states have […]
The Supreme court provides the notice to the central government on the appeal asking to plug existing loopholes inside the GST system, that leave out the entities like Google, Amazon, Facebook, etc. from the tax net, which makes a big loss to the exchequer. The appeal furnished through the chartered accountant (CA) Pradeep Goyal stated […]
Anurag Singh Thakur, The Minister of State for Finance added that till date no proposal has been made for “faceless scrutiny assessment of GST returns” by the Government. The reason being, the clause of the Goods and Services tax rule already contains a provision for electronic filing and assessment. He further added that except for […]
Haryana and Punjab High Court had observed initially that parliament was authorized under the constitution to have a problem solving mechanism post incorporation of the Central Goods and Services Tax (CGST) Act after 4 years. The force came as the Judge let go of the decision of Justice Rajan Gupta and Justice Karamjit Singh has […]
The government is planning to upgrade the QR code for UPI in such a manner that it can include the GST component and show the same separately on the interface. This would make it possible for the government to formulate fiscal incentives for digital payments. Latest Update 19th December 2022 Under the RuPay Debit Card […]
You should know if the turnover of your business is not greater than INR 1.5 Crores The composition scheme of tax payment is meant for those small businesses whose turnover of taxable goods is not greater than INR 1.5 Crores. In such cases, the burden of GST must be borne by the seller. The rates […]
