In order to ease the GST impact on the exports industry of India, the government has today sanctioned pending GST refunds of over Rs 30,000 crore to those exporters who are waiting to get input credit or claim back the IGST paid by them on exports.
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In order to ease the GST impact on the exports industry of India, the government has today sanctioned pending GST refunds of over Rs 30,000 crore to those exporters who are waiting to get input credit or claim back the IGST paid by them on exports.
A report released by Federation of Indian Export Organisations (FIEO) reveals that the government owes more than Rs 20,000 crore in GST refunds, of which half the amount is pending as input tax credit.
GSTR 5A return filing form is mandatory form required to be filed by all the internet service providers or Online Information and Database Access or Retrieval (OIDAR) Service Providers.
Notification No. 22 /2018 – Central Tax: As a relief for those taxpayers who failed to file their GST-3B summary returns for October 2017 to April 2018, the Government has waived off the late fee charge.
Rejecting the application filed by CEAT, a leading tyre manufacturer in India, for reducing the GST rate on e-rickshaw tyres to 5%, the Maharashtra Authority for Advance Ruling (AAR) said that tyres used in e-rickshaws will continue to attract the top GST rate of 28%.
The GSTR 9 is an annual return form to be filed by the taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year.
The Goods and Service Tax or the GST will complete one year on July 1st, 2018. In this period, a number of provisions which were part of the original draft for GST were put on hold at the behest of requests from Industry leaders and experts to reduce the burden of Tax compliance.
Paying income tax is the responsibility of salaried taxpayers in order to avoid the IT-Department follow. But, many taxpayers find some ways through which they can hide their original taxable income and pay fewer taxes.
It has been more than nine months since the GST was launched in India, but businesses it seems are still finding it difficult to get their head around India’s new indirect tax regime.