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The decline in the tax collection, Lower GDP, Complexity in filing & Non-competitive exports have proved a disappointing design of GST. However, according to Punjab FM Manpreet Singh Badal, GST can be redesigned & revisited and this is how the imperfections in GST can be transformed to perfection. He said, “GST has been a disappointment, […]
As time accelerates and the due date for ITR filing comes closer, here is something one must know and pay attention to. ITR will be submitted only after clearing the Income Tax Dues. The taxpayer can clear his income tax dues by approaching either the banks which allow income tax payments or online via the […]
Tax Deducted at Source or TDS refers to an advance tax which is deducted from the income or earnings of an individual or an organization before actually crediting the income into the account of an individual or entity, as per the Taxation Code of India. As the name suggests, Tax deducted at source, it is […]
Only 20% of Visakhapatnam Traders have filed central goods and services tax (CGST) returns till the date and 80% of them need to urgently file the returns before the due date of 31st August 2019. The due dates for filing GST returns have been extended many times due to the complexities and cumbersome process involved […]
For now, the state goods and services tax (GST) will persist in Jammu and Kashmir, as per the Jammu and Kashmir reorganisation legislation. However, after some time the UT GST Act and state GST Act will become operative for Ladakh and J&K, respectively. Accordingly, some important amendments would have to be introduced for adding Ladakh […]
GST has been prone to many tax evasion techniques since its commencement in India in 2017, as a well-developed system that can completely barricade the areas open to profiteering via bogus invoices for availing extra credit and truncate the tax liability is still absent. In the recent few weeks, the Income-tax department has issued notices […]
Today GST is the sole tax governance of the nation and keeping this fact in mind the Confederation of All India Traders (CAIT) has written a proposal to the Human Resource Development Minister Ramesh Pokhriyal Nishank asking to accommodate chapters on GST in schools or colleges. CIAT further says that the current education system is […]
Implementation of GST in July 2017 was a major and transformation step towards reformation in the indirect taxation system in India with a vision of “One Nation, One Tax”, after revolutions such as Make-in-India and Digital India by the BJP-led government to bring in comprehensive growth and economic evolution throughout the nation. Under GST – […]
Association of Chartered Accountants is voicing out against the confluent changes in the tax return filing software and forms seeking excess information about long-term capital gains tax. In this regard the Bombay Chartered Accountant Society (BCAS) – India’s oldest voluntary body of Chartered Accountants, has written a letter to the finance minister Nirmala Sitharaman, seeking […]
