Goods and Service Tax

For information regarding GST,please refer here

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GST Council Meet

Reading Time: 2 minutes GST Council Meet, The GST Council has made the following Recommendations in 32nd GST Council Meet. The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley took various decisions including giving the approval to increase in the turnover limit for the existing
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Recommendations of 32nd GST Council Meet

Reading Time: 1 minute Recommendations of 32nd GST Council Meet, The GST Council has released a press note on Recommendations made during 32nd Meeting of the GST Council held on 10th January 2019. The GST Council in its 32nd meeting held today at New Delhi gave approval for the following: Recommendations of 32nd GST Council Meet a. Changes made
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Reading Time: 3 minutes Improvements in e-way bill generation, the CBIC has proposed the below mention improvements in the eway bill generation which are being released on 16 November 2018 1. Checking of duplicate generation of e-way bills based on same invoice number The e-way bill system is enabled not to allow the consignor/supplier to generate the duplicate e-way
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Reading Time: 2 minutes No let-up in sanction of GST Refunds There are concerns being raised about growing pendency of GST Refunds. Exporters arereassured that there is no le-tup in the sanction of GST refunds. The disposal rate is consistently improving month-on-month. As on 31st October, 2018, total GST refunds to the tune of Rs 82,775 crore have been
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Reading Time: 2 minutes Direct Tax Statistics, Constant growth in the direct tax-GDP ratio over the last three yearsThe growth of more than 80% in the number of returns filed in the last four financial years The number of persons filing the return of income has also increased by about 65% during this period from 3.31 crore in FY
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Reading Time: 2 minutes ITC FY 2017-18, Last date to avail input tax credit in respect of invoices or debit notes relating to such invoices pertaining to period from July, 2017 to March, 2018 There appears to be misgiving about the last date for taking input tax credit (ITC) in relation to invoices or debit notes relating to such
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GST refunds

Reading Time: 2 minutes GST refunds, It has been noticed that unverified reports of pending GST refunds on account of exports are published in the print media by trade bodies. These figures being put out in the public domain are exaggerated and thus inaccurate. It is a fact that a large number of exporters have been granted refunds so far
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Tax Collection at Source FAQs

Reading Time: 1 minute Tax Collection at Source FAQs, The Provisions of Tax Collection at Source (TCS) will come into force from Oct 1, 2018. the  Law Committee GST Council have issued a set of Frequently Asked Questions on Tax Collection at Source. Tax Collection at Source FAQs Tax Collection at Source FAQs Tax Collection at Source FAQs Also Read: TCS Mechanism under GST

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GSTN

Reading Time: 2 minutes Cabinet approves increasing of Government ownership in Goods and Services Tax Network and change in the existing structure with the transitional plan The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved increasing of Government ownership in Goods and Services Tax Network (GSTN) and change in the existing structure with the transitional
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Reading Time: 2 minutes GST Fraud, Zonal Unit of the Directorate General of GST Intelligence (DGGI) have arrested two businessmen, namely, Sh. Vikas Goel, Director of M/s Mica Industries Ltd, Delhi and Bhiwadi& M/s. Satellite Cables Pvt Ltd., Bhiwadi and Sh. Raju Singh Proprietor of M/s Galaxy Metal Products on 14.09.2018 in a case of fraudulent issuance of Input
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