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Proposals for Goods and Services (GST) rate cuts on Active Pharmaceutical Ingredients (APIs) in consonance with pharma formulations have been put forth by Industry body Confederation of Indian Industries (CII). Additionally, the demands for exempting all goods obtained by drug manufacturers for research and development from GST has also been made by CII in its […]
Goods and Service Tax (GST) could prove to be excellent tax reform in the long run. But in the short run, it is a messy and disruptive mechanism directly affecting the Indian economy, says Ashok Lahiri (former chief economic adviser (centre) and currently a member of 15 Finance Commission). He also suggested the concerned ruling […]
The Government stands on its resolution to make the GST system robust and efficient. There are a number of changes waiting to be implemented and new formats to be introduced in order to make the system more responsive and taxpayer-friendly. You can check here the list of the new updates under GST 2020, including the […]
The total of 245 Star Export Houses and 5,000 other exporters went alienated from claiming their shares of Input Tax Credit (ITC) from the government due to taxman’s heavy investigations. On the other hand, amidst the existing exports decline, merchandise exports declined by 0.34% year-on-year in November consistently for the fifth time in the past […]
The Delhi High Court underlined that the Goods & Services Tax (GST) regime intents to facilitate the assesses and not to make them suffer due to technical failures & faults so the software system should be maintained & regularly updated with the amendments in rules & regulations. Delhi HC said that the rights of individuals […]
The decision of the panel has caused fear for various industries as this will further block the cash flow of businesses amid their existing struggle with finances in times of economic slowdown in India. The proposed clause goes on like if taxpayer has paid Rs. 1,000 as taxes to the supplier in lieu of the […]
The Government is to pass an amendment under section 49 of GST in which the IT officers will be inspecting the fraudulent nature Input tax Credits made by the taxpayers. The invoices that are furnished by the taxpayers will be checked to be legitimate. Input Tax Credit Eligible & Ineligible Purchases: To avail input tax […]
GST Council 38th Meeting concludes on 18th December 2019 under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman. The meeting was also attended by Anurag Thakur (Union Minister of State for Finance & Corporate Affairs) and Finance Ministers of States & UTs and some senior officers of the Ministry of […]
The Government is likely to miss the deadline of making the new forms available for annual GST return filing within the stipulated time in order to make the annual filing of GST return by traders and companies in time. Earlier, the Government has extended dates of filing of form GSTR-9, GTSR 9A and GSTR-9C for […]
