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An overwhelming number of integrated GST (IGST) claims are currently pending for the refund for more than a year due to pending documents required to be submitted by the taxpayer. Minister of State for Finance Anurag Singh Thakur stated that around 52,720 IGST refund claims Know how to file GST refund claims manually by using […]
As per the recent update, The central government is planning to do changes in the slabs of Goods and Service Taxes (GSTs) soon. As per the rumors, the Good and Service Tax council can increase the GST from 5% to 6% on many essential goods. This plan is being considered to increase the revenue from […]
It is a Momento for all the businesses operating in India if the annual turnover of any business is more than Rs. 100 Crore then the supplier is required to generate the e-invoice for every sale. E-invoicing will be mandatory for such business from 1 April 2020. The provision will favour the tax government against […]
The states of India which are under the surveillance of non-BJP rulers like Punjab, Kerala, Rajasthan, West Bengal and Delhi spoke about their concerns related to GST compensations. They voiced against the Centre claiming that states are in the situation of the financial crisis to which centre needs to look upon. GST compensation is still […]
Internet services were terminated in Jammu and Kashmir from August as Article 370 was put out to pasture, this led to the extremely low percentage of returns filed in this period and so the low revenue collection in the union territory. Government of J&K tells that only 40% of goods and services tax (GST) returns […]
The first-ever kind of meeting is going to be held between Tax officials from the states as well as the Centre to toss around the matters related to legality, administration, revenue, and implementation under the GST regime. The meeting will continue for the whole day but GST rates will not be a group thinks. The […]
Commerce ministry is rummaging jury-rigged expedient for the exporters by implementing the pre and post-import integrated goods and services tax (IGST) exemption for inputs contributed in export between October 2017 and January 2019. Commerce Ministry runs counter to the 1000 notices being sent to exporters by Directorate of Revenue Intelligence (DRI) on grounds of allegedly […]
Determined by Fitch Solutions, India’s fiscal deficit forecast has increased to 3.6% of the GDP for this FY from 3.4% mentioned earlier. This hike is because of the week revenue collections which is again due to dismal economic growth and government’s widening corporate tax rate cut. “We at Fitch Solutions are revising the fiscal forecast […]
Uttar Pradesh has presented its expenditure plan for the next five fiscal years to the 15th Finance commission. The plan estimates a loss of Rs 13,500 crore when revenue also did not remain untouched. Losses germinating since the implementation of Goods and Services Tax (GST) will ripe itself to approx Rs 13,500 crore in 2022-2023. […]
