Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit to Rs. 34,400 crores.
Powerd By SAG INFOTECH
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Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit to Rs. 34,400 crores.
The GST return filing process along with the return forms are set to get revised soon. The GST Council has already approved the new return filing structure, which is now under consideration in the ongoing session of Parliament.
2017 GST notifications are mandatory for all the relevant and current happening within the goods and services tax regime.
The National Anti-Profiteering Authority (NAA) has recently written to IndiGo and Airtel, both of which are market leaders in their respective industries, asking details of the GST input tax credit benefits occurred to the businesses of these entities and whether these benefits have created possibilities for a price reduction to end-consumers.
Many small and medium scale companies were panic-struck upon receiving notices from the Indirect Direct Tax Department.
Around 70% of the total 1.1 crores registered businesses have been filing regular returns within the deadline, confirmed GSTN CEO Prakash Kumar.
In a major relief provided by the CBIC, the agency has now allowed the PAN submission of exporters for the GST refund clearance in case any refund is held up due to the mismatch of any details such as GSTIN printed on return forms or shipping bills.
Goods and services tax is a major tax structure implemented through India with a scope of tighter compliances and revenues for the government. In the wake of this fact, many of the GST officials are trying hard to account for every taxable transaction.
the Union Petroleum Minister assured that uniform tax structure for petroleum products would be brought into effect as soon as possible.