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Gstin News

Govt to reduce time taken for starting business; to introduce integrated electronic form from 15 February
Business

Govt to reduce time taken for starting business; to introduce integrated electronic form from 15 February

Currently, the ministry has the electronic form SPICe (Simplified Proforma for Incorporating Company Electronically) and that would be replaced with SPICe+.

GST returns: How to prepare for new provisional credit rule; wrongful claim of ITC may attract penal provisions
Business

GST returns: How to prepare for new provisional credit rule; wrongful claim of ITC may attract penal provisions

Apart from the 20 percent of eligible ITC which he can claim as provisional credit, the balance tax due will need to be paid in cash.

Restaurants, small B2C entities under scanner for GST evasion; tax department develops mechanism to deal with issue
Business

Restaurants, small B2C entities under scanner for GST evasion; tax department develops mechanism to deal with issue

Several consumers have filed complaints through a mobile app -Iris Peridot - that GST was charged by small restaurants but the eatery neither deposited taxes with the government nor filed GST returns

Tax authorities send notices to businesses for less IGST input credit claim; to check if errors are genuine or a bid to evade taxes
Business

Tax authorities send notices to businesses for less IGST input credit claim; to check if errors are genuine or a bid to evade taxes

Such notices have been sent to a number of businesses in Mumbai, Chennai and Bangalore, officials said.

New ITR forms: Sahaj becomes burdensome for the salaried class; duplication and paperwork plague processes
Business

New ITR forms: Sahaj becomes burdensome for the salaried class; duplication and paperwork plague processes

Instead of unproductively gathering information from employees and matching them, the CBDT must use its powers to go after tax evaders.

GST Day 2: No double tax on credit card payments and 7 other myths busted by govt
Business

GST Day 2: No double tax on credit card payments and 7 other myths busted by govt

Revenue Secretary Hasmukh Adhia, the architect behind the country's largest tax reform, sought to dispel concerns and myths regarding GST that are circulating around the internet

GST rollout: 'Don't rush for GSTIN, provisional ID will suffice initially', says Hasmukh Adhia
Business

GST rollout: 'Don't rush for GSTIN, provisional ID will suffice initially', says Hasmukh Adhia

Of the 80.91 lakh excise, service tax and VAT assessees, 65.6 lakh, or 81 percent, have already migrated to the GSTN portal

GST affects small enterprises in a big way, here's a simple guide to understanding it
Startup

GST affects small enterprises in a big way, here's a simple guide to understanding it

Just like every coin has two sides, GST also has its pros and cons.