Businesses need to submit GST and income tax details, along with bank statement, to be eligible for speedier loan sanctions.
The idea is to automatically capture all transaction details including GST rate and the cashback accordingly.
A notification extending the IGST and compensation cess exemption has been issued by the Central Board of Indirect Taxes and Customs (CBIC).
Government is looking at all the procedures, execution issues, to streamline the tax refund mechanism.
IFMA said that fans were a basic necessity in a tropical climate like India and being used by all strata of the society.
Once that decision is taken, businesses resort to one of the two most popular automation methods - spreadsheets and software.
Under the provisions, notified entities have to deduct up to 1% state GST and 1% central GST on intrastate supplies of over Rs 2.5 lakh.
The tax deducted at source (TDS) and tax collected at source (TCS) provisions under the goods and services tax (GST) have been notified to be effective from October 1.
The Government on Thursday through the notification No. 49/ 2018 - Central tax dated September 13, 2018 has notified the format for GSTR-9C.
Return to be filed for September happens to be the last return to take all credits pertaining the previous financial year. So what are the key steps?
Under GST, businesses with a turnover of over Rs 1.5 crore has to file final sales return or GSTR-1 by the 11th of next month
he application, which was filed by a Departmental Store was examined by Standing Committee on anti profiteering and was referred to DGAP for detailed probe.
GST has framed comprehensive ITC laws which explicitly define the exclusions for certain items that are to be left out of its scope.
One of the options being considered is stepping up anti-evasion measures with a focus on top 30 taxpayers.
In the pre-GST era, the filing of indirect tax returns was a mutually exclusive activity by the taxpayers, independent of the supplier or buyer’s return.
GST Law mandates all taxpayers, except casual taxable person or non-resident taxable person, input service distributor, person liable to deduct TDS, to file annual return for the period July 2017 to March 2018 by 31 December 2018.
GSTR-2A is a purchase return auto-generated by the system based on the transaction between a business and its supplier.
The normal taxpayers will need to file GSTR-9 return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18 is December 31.
In a recent circular, Andhra Pradesh’s chief commissioner of state tax empowered state case officers to take action if they detect tax evasion based on intelligence inputs.
Large businesses that form trusts for charitable & religious activities may need to reassess the tax treatment of supplies.
"The price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly," Chidambaram said.
India saw highest manufacturing growth in more than 2 years in April-June, 2018.
As per the Bureau of Outreach and Communication under the ministry, the "expenditure on GST advertisements through this bureau" on print media stood at Rs 1,26,93,97,121.
Tax practitioners say the latest changes deny carry forward of credit for cesses, as intended, but credit for service tax has also been done away with.
Tax experts had predicted that richer states, like AP, Tamil Nadu, Maharashtra and Gujarat, may get aggressive as they could see fall in their indirect tax collections.
The petitioners have challenged the Constitutional validity of Section 13(8) (b) of the IGST Act which deems the place of supply for “intermediary” services to be in India.
The sector has faced many challenges both regarding the economies of scale, the lack of high-end technology and other benefits enjoyed by its larger counterparts.
Efforts are underway to finalize the contents of the annual return with the dual purpose of achieving simplicity and comprehensiveness.
Govt decided to discontinue the account launched a year ago to respond to the taxpayers' questions.
Essentially, the price paid by the consumer for the goods would be considered for the levy of GST.
The earlier due date was August 20.
If the two fuels are put under GST, the Centre will have to let go Rs 20,000 crore input tax credit it currently pockets by keeping petrol, diesel, natural gas, jet fuel and crude oil out of the GST regime.
The average size of space take-up increased to 90,000 sq ft from around 75,000 sq. ft. during the first half of 2017.
MSME credit and especially micro credit — including loans by banks and NBFCs — show a healthy rate of growth in recent quarters. According to the report, bank credit to MSMEs increased on an average by 8.5% in Q1FY19.