DG Audit will scrutinise the accounting software of service firms to ensure right GST allocation to states.
This will be a departure from the current practice of focusing only on deterrent action to check evasion.
The GST Council held discussions in a “harmonious and collaborative spirit” in the meetings so far, Finance Ministry said.
Indirect tax evasion detected by government doubled in first 5 months of this fiscal compared with corresponding previous period.
Absence of a mechanism for taxpayers to reconcile invoices may lead to loss of significant amount of tax credit.
With less than 3 months to go, businesses should not only commence annual return filing but also begin the GST audit process.
The Finance Ministry has extended the deadline for filing summary sales return GSTR-3B for September by five days to October 25.
A group of ministers will consult states if disaster relief cess should be levied on GST to meet demand for funds after calamity.
Even after one year of implementation of GST, six states are yet to set up the Appellate Authority for Advance Rulings.
Free or complementary tickets given by franchise owners for IPL matches will attract GST, the Authority for Advance Ruling said.
Directorate General of Safeguards didn’t agree with HUL’s practice of increasing weight of a pack to pass on benefit of low GST.
19 banks asked to pay more than Rs 15,000 crore tax on free services provided to customers who maintain a minimum account balance.
Banks may shutter their domestic remittance business on account of the new GST burden.
The Goods and Service Tax Council will form a seven-member committee to debate a national disaster cess.
From Oct. 1, e-commerce companies will have to deduct 1% Tax Collected at Source before making payments to their suppliers.
The full interview with former CEA Arvind Subramanian on his book Of Counsel.
Subramanian said that NITI Aayog’s asserion that it had the technical expertise to work on GDP series was “an excessive claim”.
The government plans to impose 12-15 percent compensation cess on caffeinated drinks classified as other non-alcoholic beverages.
The clarification comes after the e-commerce companies faced troubles in deducting Tax Collected at Source.
He hoped that such a federal body in healthcare sector should face the least resistance from states.
Small fleet operators category comprises about 67 percent of the road transport operators in India.
The GST collection for September improved from previous month and crossed the Rs 1-lakh-crore-mark.
The FIEO said that Rs 22,000 crore GST refunds were pending with the government, thus creating liquidity problems for exporters.
India would regain the tag of fastest growing major economies of the world if projections are true.
The government today extended the deadline for filing income tax return and audit report for financial year 2017-18 to Oct. 31.