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In the wake of the country’s current situation where the entire economy has collapsed due to the COVID-19 outbreak, the Indian government has taken another big step favoring the businesses and taxpayers. The government on Wednesday declared that it is going to release ‘Custom Refunds’ for around 1 lakh businesses including MSMEs View the impact […]
The startups in India have written a letter to the office of the Finance Minister of India, Mrs. Nirmamla Sitharaman, asking for liquidity support because of the lockdown announced by the government after the outbreak of COVID-19. The letter stated that more than half of the startups will go bankrupt because of the lockdown if […]
In this pandemic time when our country is fighting against Coronavirus Outbreak, the medical organizations have asked the government to think about eliminating GST on sanitizer products and masks Grab the information of revised GST slab rates on consumer products in India, Although the GST council finalized the slab rates like 5%, 12%, 18% and […]
The mobile sector saw a hike in the rates of GST (Goods and Services Tax) from earlier 12% to now 18%. Simultaneous to this hike in the GST rates, mobile manufacturing units have increased the prices of their smartphone models. India surpassed the USA to become the second-largest mobile market in the world and an […]
The government has suggested some amendments to be made in the Goods and Services Tax (GST) to counter the increasing number of frauds in exports. The reports of investigations conducted have found that a large number of exporters overestimate the exports in the records in order to claim higher amounts of Input Tax Credits (ITC) […]
While the entire world is in the grip of COVID-19 disease, India is no exception. The country’s February Goods and Service Tax (GST) collection was only Rs. 98,000 crore till March 30, 2020, said sources. Prior to corona crises in India, the GST collection stood at Rs. 1 lakh crore mark that is again less […]
The Bombay High Court said that the credits of Goods and Services Tax (GST) collected by the taxpayers are monitored by the Central Board of Indirect Taxes and Customs (CBIC). The board decides the time limit and way of the utilization of the credits. The experts said that as the HCs of Haryana, Delhi, Calcutta, […]
The Authority of Advance Ruling (AAR) Bengal, that Goods and Services Tax (GST) at the rate of 12% will be applicable to the supply of works for Metro and Monorail Construction contracts. The order was given under the case of an application raised by ABB India Ltd., under which the authority found that it was […]
The government denied giving any additional relief to the mobile sector apart from extended due dates in filing the returns. The sector will face a 6% hike in the rates that will add on to the already worsened situation due to the COVID-19 outbreak. The government’s only relief to the mobile manufacturers is an extension […]
