Powerd By SAG INFOTECH
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The GSTN system handles the IT infrastructure for GST regime, is soon going to unveil an online application for claiming the refunds.
GST implementation has put the BJP government on the edge of a knife. To fight against the allegations being showered by the opposition party, BJP government is trying to resolve the issues related to GST.
As per the tax experts review on GST implementation, the old-issue of transfer pricing can tremble the system in coming future.
The Aviation MRO (maintenance, repair, and overhaul) wants the government to make a simple structure by either cutting down 18% GST on the aviation MRO sector or levy customs Duty on aviation who are serviced out of the country and exempts from contribution to GST.
In a GoM panel which has been set by the union tax body and GST council has been sorting to view upon issues and complications regarding the micro, small and medium enterprises (MSME) sector in the second meeting scheduled for 29 October.
Goods and services tax recently surfaced in the Indian economy and has affected a lot of sectors. Here we can see a detailed picture of what GST have done to the steel industry in India.
Income Tax Department is seeking information on past transaction details from banks and financial institutions. Through past transaction details, tax department will be able to determine Goods and Services Tax (GST) calculations.
Free supplies of goods and services have been frequently used by the businesses to promote their products in the market. The situation arises when the receiver/ buyer tries to obtain good quality material at a bargained price in the market.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
