Powerd By SAG INFOTECH
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Clarity regarding GST & ITC is much required by any Company and industry, Big or small, as it touches the Economy part of the Businesses. GST Council has constantly endeavoured to make the process crystal clear and gave proper clarification regarding any discrepancy.
The Election Commission has shown a green light for conducting the 34th GST council meeting on March 19 to confer multiple issues via video conferencing.
Maharashtra state government has come forward with new one-time amnesty schemes to get rid of the backlog of tax assessments which is pending from before the initiation of the goods and services tax regime.
GST has strategized to help and support the consumption-led states which could result in much higher revenue growth as compared to the manufacturing states. Getting a place in the Compensation list, the States would on a Guarantee basis, be showing revenue growth of 14% on the FY16 base.
Get to know about the changes made in the ITC (Input Tax Credit) eligibility under GST (Goods and Services Tax) which came into effect on 1 February 2019.
The Confederations of All India Traders ((CAIT) head of organization traders wrote a letter to the Union Finance Minister Arun Jaitley wherein the traders have demanded the three GST slab rates instead of levying GST at five different slab rates.
GST Council has from always been an Institution known not just for ensuring the better implementation of GST in the country but also had stood strong on the anti-evasion measures.
Once logging to the GST portal, the taxpayer is facilitated by TDS and TCS credit received which could be filed by all the taxpayers who are a success in making a specified limit of sales on the e-commerce platforms and not necessary but are indulged in any kind of works contract with Government departments.
GST Council gave a high sigh of relief to the Trade-industry on concessions but are doubtful whether it will be long-lasting or not. As per the Tax officials, the random changes and modifications in the rules created a self-contradictory situation due to which it is also possible that the discounts given will be taken back or will become neutral via other norms.
