The government suspects that its composition scheme meant to ease life for small businesses is being misused with the average quarterly turnover estimated at Rs 2 lakh.
As per the admonition of Goods and Services Tax (GST) Council, the Central government has waived the late fee payable by any registered taxpayer for
The government will soon start the process of matching returns and invoices under the Goods & Services Tax (GST) as the IT backbone for the tax reform measure stabilizes and the need to assess the extent of taxes due takes notoriety. The government is also working on making the new tax system more user-friendly and … Continue reading “Matching of GST Invoices, returns to start soon”
Anti-Profiteering Authority, headed by a secretary-level officer, will be set up soon to keep a tab on businesses that have not passed on to consumers
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, will meet on August 5 to review.
Indian Railways can also face some problems with Goods and Services Tax (GST). This can increase the cost of railway signaling, telecom, electrification and new coaches, locomotives and wagon.
The council revised rates on 66 items such as pickles, sauces, fruit preserves, insulin, cashew nuts, insulin, school bags, colouring books etc.
GST Council had last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28%.
As we all know that implementation of GST would undoubtedly impact one’s personal finances especially when it comes to financial services.
Arun Jaitley said that GST to be enacted in over a month, will not only check evasions but also help India to evolve as a more tax-compliant society.