Input Tax Credit
Input Tax Credit News
One year of GST: Council now needs to bridge existing gaps to improve ease of doing business countrywide
From the fiscal perspective, GST is expected to expand the tax net in the long run, resulting in increased tax revenue.
The GST Council had in its last meeting on 4 May approved the design of new return forms.
GST Network (GSTN), the company handling the technology backbone for Goods and Services Tax, has over the last 11 months provided a platform for businesses to file their returns and pay taxes every month.
Govt said that GST refunds worth over Rs 7,500 crore were already sanctioned as a part of this drive till now compared to Rs 5,350 crore sanctioned in the earlier drive which lasted from 15 to 29 March
To pocket Rs 450 crore, several businesses are said to have issued fake bills worth around Rs 2,500 crore.
While GST was rolled out on 1 July, real estate as well as crude oil, jet fuel or ATF, natural gas, diesel and petrol were kept out of its purview.
Govt to soon finalise anti-profiteering rules, working to remove glitches in e-way bills process: CBEC
Official says under GST 15 states have already agreed for smooth implementation of intra-state movement of goods via e-way bills from 1 February
There are three B2B service industries closely linked with restaurant industry, which are banking, insurance and real estate
Delayed refund to exporters in GST regime leads to job loss in labour intensive sector, says Amit Mitra
Amit Mitra says problem lies in the GST refund delivery mechanism because of manual processing of refund application
The charge of profiteering will not stick unless the government promulgates a price control order across the board for all commodities and services which is well nigh impossible
National Anti-Profiteering Authority is an assurance to consumers of India, says Ravi Shankar Prasad
National Anti-Profiteering Authority under GST will work as a watchdog to ensure smooth transfer of benefits
Cabinet clears setting up of National Anti-Profiteering Authority for speedy redressal of GST related complaints
GST Council had last week decided to slash tax rates of over 200 items in the GST regime
Currently, 12 percent GST on food bill is levied in non-AC restaurants and 18 percent in air-conditioned ones
Those taxpayers that do not claim any transitional input tax credit will have to necessarily pay tax and file return in Form 3B before the due date of 20 August, the ministry said.
State governments having to walk an extra mile to create the right environment for industries to thrive
GST impact: This festive season discounts, freebies, buy-one-get-one free schemes unlikely to come your way
With launch of GST, not just fashion retailers, even makers of packaged food products are also doing away with discounts
Restaurants, hotels and eateries should cut rates on food items in their menu to reflect the benefit of being able to set off tax paid on inputs under GST, Revenue Secretary Hasmukh Adhia said today.
The ministry said the services by an employee to the employer in the course of or in relation to his employment is outside the scope of GST
Can you complain to the anti-profiteering authority if the neighbourhood store is not reducing prices? You can but probe will be on the manufacturer
Provisions in the Central GST Act (CGST), Integrated GST (IGST) Act and Union Territory GST Act and rules under them are being notified.