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In order to engage with the stakeholders and invite comments from the public at large, it has been decided to make available the draft Business Processes of GST.
Finally, the GST Bill has been approved by the Rajya Sabha and now it will go to the lower house for some rectification in the amendment. After receiving majority upvotes (203 votes) in the house, it is likely to be implemented by the 3rd quarter of 2017. There have been lot of questions regarding the GST among the general public. So, Here we are presenting some common FAQs that will explain every single stage of GST and its benefit.
India’s biggest tax reform has taken place by the introduction of GST. With the idea of ‘One Nation One Tax,’ the tax is warmly welcomed by the majority.
As seen from very long, the GST Debate is going well with enormous talks going again and again in parliament, Lok Sabha, Rajya Sabha and where is needed to reform the taxation scheme currently prevailing in India. Till today, Indian business units are running with basic indirect tax scheme which includes various steps and channel gates by which a tax payer has to undergo.
Infosys Limited is an Indian multinational corporation, which earlier won a government contract of a landmark INR 1,380-crores to build GST network software that will be used for the proposed Goods and Services Tax in our nation. As per the sources, the IT major firm is developing GST software despite delay the bill.
Goods and Services Tax is the most important taxation reform in India since independence as it breaks the currently indirect tax regime and makes a single market for a dozen state levies. Every newspaper is making a headline about the GST at their front page.
Recently, the State GST department sent out almost 20,000 notifications to a range of taxpayers from different industries, concentrating primarily on real estate developers, requesting explanations regarding their expenses during the 2017–18 fiscal year. GST authorities claim that this scrutiny is a result of the lack of a reliable mechanism to track suppliers’ compliance with […]
The GST authorities have noticed that numerous individuals, whose GST registrations were previously revoked due to fraudulent activities, persist in operating their businesses and levying taxes without restraint. In light of information from reliable sources, the central government, in coordination with state governments, is poised to take stringent measures against these taxpayers to address this […]
According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]
