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 Goods and Services Tax (GST) Council on August 5, 2017, had approved a proposal to change GST Compensation Law to raise the cap on the cess that can be levied on motor vehicles. The cabinet favored the ordinance that will allow the cess levied on luxury cars, Sports Utility Vehicle (SUV’s) and big cars … Continue reading “Cess Increase on Luxury Cars”