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The Indian government seems to have a difficult time coping up with the internet faults and the failure to deal with the pressure and load of average 3.5 billion of invoice per month would demand a humongous IT structure solidarity from the authorities for which the government has not prepared at all.
Rajasthan soon will get the real feel of Goods and Service Tax (GST), as a beta launch of the software has been announced from May 1. For this, a simulation centre has also been developed in Jaipur city, where real-time data will be analysed for any loopholes and to strengthen the technology.
India is about to create a huge taxation system with the help of information technology in processing and generating an estimated 3.5 billion invoice per month and has eyes upon the predetermined deadline of July 1st.
GST composition scheme was implemented under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. GST composition scheme assures greater compliance without the requirement of maintaining records. This system is missing in Service Tax laws. Latest Update 13th October 2022 09th July 2022 09th May 2022 GST Software Demo for […]
Now the GST mandates all the goods lost, stolen and gifted to be maintained under the new taxation regime coming from July 1 most probably.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
This time with the upcoming goods and services tax regime in India, a new vigilant and supporting task has been tucked with the tax authorities in order to grow the tax paying data to a further more bit by the help of peer pressure in general.
The CAG (Comptroller and Auditor General) auditors are done with all the rigorous training in the wake of upcoming goods and services tax in India which will be implemented as scheduled on July 1, 2017. But one thing which has confused the auditors the most is that how these professionals will get the access to the GST data for auditing and also where will be the exact department to handle after the GST.
Finally, the draft bills of GST presented in the Rajya Sabha for the discussion as speculated by the GST council and government authorities to wind up the GST procedure as soon as possible. Earlier the Lok Sabha has cleared four significant bills of GST which were relevant to Central GST, Integrated GST, UT GST and GST Compensation bill.
