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Recommendations made during the 28th Meeting of the GST Council held in New Delhi on 21st July, 2018 : All taxpayers excluding small taxpayers and a few exceptions like ISD etc. shall file one monthly return. The return is simple with two main tables. One for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier
E-WAY BILL [Chapter XVI, Rule-138 of CGST Rules, 2017, Notification No.12/2018–Central Tax dt.07.03.2018] E-Way Bill is the short form of Electronic Way Bill It is a unique document / bill, which is electronically generated for the specific consignment / movement of goods from one place to another, either inter-state (out of state) or intra-state (within […]
A big question before the Government – How to reduce the overburdened judiciary. A tax issue may take 5 to 7 years to settle at ITAT level and another 5 to 7 years, if matter moves to courts.
This article is about the Latest Updates on Recommendations of 28th GST Council Meeting.
GST Council Recommends GST Rates Reduction on Several Goods & for specified handicraft items GST rates have been recommended to be brought down to Nil on Sanitary Napkins & Rakhi & more Goods GST Council recommends for allowing refund to fabrics on account of inverted duty structure Rate change made in respect of footwear The […]
The GST Council in its 28th meeting took decisions relating to exemptions / changes in GST rates / ITC eligibility criteria, rationalization of rates / exemptions and clarification on levy of GST on services.
The Council approved quarterly filing of return for the small taxpayers having turnover below Rs. 5 Cr as an optional facility. Quarterly return shall be similar to main return with monthly payment facility but for two kinds of registered persons – small traders making only B2C supply or making B2B + B2C supply.
Recommendations made during the 28th meeting of the GST Council held in New Delhi on 21st 2018 Amendments to the CGST Act, 2017, IGST Act, 2017, UTGST Act 2017, and GST (Compensation to States) Act, 2017 The GST Council in its 28th meeting held here today has recommended certain amendments in the CGST Act, IGST […]
The GST Council in its 28th meeting held here today has approved the proposal to open the migration window for taxpayers, who received provisional IDs but could not complete the migration process.
The mismanagement of the tax compliance procedure encourages the black money menace, something strips the State of its much-needed revenue and ultimately ruins the economy of the nation The only way to check the GST tax evasion integration of direct and indirect tax mechanisms for tracing GST defaults. In this regard, the Income Tax authorities have now come forward to trace the entities whose income tax return contain intentional discrepancies in comparison with their GST return filing.
