NHB is in talks with the authorities to lower the effective GST rate from current 12% after factoring the lowering of land prices that could ease the tax burden and help in prop up residential sales

Goods and services tax network (GSTN) said it has introduced a functionality which simplifies the returns filing process for taxpayers. “A new functionality has been introduced on the GST portal for ease of the taxpayers under which questions will be posed as soon as the taxpayer enters the Returns dashboard and only relevant tiles will … Continue reading “GST-FAQ’s Functionality will be introduced in return Dashboard”

The finance ministry on Tuesday urged businesses to revise any wrongful claim of tax credits from the previous indirect tax regime saying that “extraordinarily high” claims unsettles the trust between firms and the tax authorities. In a statement, the ministry warned that assessees who have erroneously claimed tax credit from the previous regime should correct … Continue reading “Revise Trans-1 by 27th December to ensure bonafide credit claimed”

The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 crore or the new registrants who estimated their turnover to exceed Rs. 1.5 Crore during the current financial year, have to file the return on monthly basis. Filing of Goods and Services Tax Returns (GSTR-1) for the tax period of August 2017 and … Continue reading “Clarification from GST Network regarding GSTR-1”

Soon travel packages to become cheaper. The government is looking at a proposal to allow tax credits to tour operators, which will reduce the incidence of the goods and services tax on those booking holidays. In the last Goods and Services Tax (GST) Council Meeting, the said issue was discussed but the solution to it … Continue reading “GST to make travel packages cheaper next off tax credit’s review”

Goods and Services Tax Network (GSTN) alleged that Input Service Distributor can now file monthly return form GSTR-6 on the GST Portal by Input Service Distributor. The last date for filing GSTR-6 for the month of July is December 31, 2017. GSTN has also provided a facility to tax officers of states and UTs to … Continue reading “GSTR-6 can now be filed on GST Portal by Input Service Distributor”

The industrialists in Tirupur are still facing a hard time in filing Goods and Service Tax (GST) refunds in GST portal. Recently, the union government has provided the provision for the GST refund on the website. The industrialists could update details about the GST payments they made and seek the refund. The Tirupur Exporters Association … Continue reading “Filing GST Refunds give a hard time to Industrialists”

Goods and Services Tax (GST) Council would explore the possibility of merging the 12% and 18% and forming a new tax rate which will be in between the two tax rates. All these can be implemented after stabilizing of revenue and depend on tax buoyancy. More than 90% of issues related to tax rates have … Continue reading “New slab for tax rate to be formed merging 12% and 18%”

Goods and Services Tax (GST) was implemented in July 2017. Since then the government is trying to make changes in the GST law to simplify procedures and provide ease to the business based on the recommendations. Some of the recommendations made by the GST panel to Finance Secretary are mentioned as under: Reverse Charge Mechanism … Continue reading “Recommendations made by GST Panel to Finance Secretary”

Income Tax Department has alleged that senior officials with US bank accounts will be in bull’s eye. Tax authorities have started acting on the information shared by the US with India under the Foreign Account Tax Compliance Act (FATCA). Enquiry notices have been sent to individuals with US bank accounts and potentially opening them up … Continue reading “Senior officials with US bank accounts to be on Income tax department bull’s eye”

Importers of food i.e. unsold inventories of imported chocolate, confectionery and cosmetics, which attracted 28% Integrated Goods & Services Tax (GST) during inbound shipments will now be a retailing tax of 18%. They can now claim refunds on excess GST but also have to submit proofs. The reduction in GST rates for products imported at a higher … Continue reading “Good news for importers of food, cosmetics will get refund on excess GST”

If you are aware of any firm who is raising prices after reduction in Goods and Services Tax (GST) or Recently, for filing such complaints the government has notified a format. As per the experts, filing an anti-profiteering complaint is a troublesome task for the people in the streets. The format requires details on input … Continue reading “Filing Complaints for Anti-Profiteering is a Troublesome Task”

The government is planning to use the data obtained from Goods and Services Tax (GST) filings to footprint the income tax evaders who are slipping away the income tax. Though the project is still in the initial stage, the government wants to create a database whereby income of companies and their promoters could be matched … Continue reading “Income Tax evaders to be intimated through GST Data”

Indian Oil Corporation (IOC) is seeing the impact of Goods and Services Tax (GST). Nearly Rs. 4,200 crore as they would not be able to claim input tax credit (ITC) for automotive fuels that fall outside GST. ITC allows an entity to reduce the tax on outputs by the same amount already paid as a tax … Continue reading “Under GST regime Indian Oil to take 4,200 Crore Hit”

United Arab Emirates (UAE) will be introducing Value Added Tax (VAT) from January 1, 2018. After UAE, other Gulf countries will also be implementing the new tax. This has led to a demand for Indian experts to help businesses there understand the indirect tax system. In fact, Indian professionals find the tax in UAE much … Continue reading “Opportunities for Indian CA’s as UAE to implement VAT”