Inclusion of petrol and diesel in the GST will help consumers pay a rational price: Dharmendra Pradhan

Inclusion of petrol and diesel in the GST will help consumers pay a rational price: Dharmendra Pradhan An inclusion of petrol and diesel in the Goods and Services Tax framework will help consumers pay a rational price for the fuel, Oil Minister Dharmendra Pradhan has said after fuel prices rose to record level prompting demand […]

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Slow take-off for GST e-way bill likely as traders stock up early

Slow take-off for GST e-way bill likely as traders stock up early The system has gone through three rounds of testing for its load-bearing capacity It could take at least a fortnight for the e-way bill generation to take off, though it would be introduced at midnight of March 31 for inter-state movement of goods […]

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FinMin simplifies GST anti-profiteering form to make it easier for people

FinMin simplifies GST anti-profiteering form to make it easier for people While simplifying the form, it was kept in mind that a common man should be able to apply without the help of an accountanThe Finance Ministry has simplified and reduced the number of columns in the complaint form to make it easier for consumers […]

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Realty developers get notices for inflated credit claims under GST

Realty developers get notices for inflated credit claims under GST About 400 real estate developers, including listed companies, have received notices from the indirect tax department for inflated credit claims under the Goods and Services Tax (GST), said two people aware of the development. The developers have been asked to pay a fine of 100% […]

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Businesses with nil tax liability may get to file GST returns bi-annually

Businesses with nil tax liability may get to file GST returns bi-annually Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council’s nod. According to recent data, as much as 40 per […]

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Service tax can’t be imposed in J&K, says tribunal of pre-GST levy

Service tax can’t be imposed in J&K, says tribunal of pre-GST levy The case was from the earlier service tax regime, prior to rollout of the current goods and services tax A tribunal has rejected indirect tax authorities’ demand to levy service tax for goods transported to Jammu and Kashmir on the reverse charge mechanism. […]

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CBEC to verify GST transitional credit claims of 50,000 taxpayers

CBEC to verify GST transitional credit claims of 50,000 taxpayers In order to check “frivolous and fraudulent” tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh. The verification of “unreasonable” transitional credit […]

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Only 16% of initial GST returns filed for July-Dec matched with final returns

Only 16% of initial GST returns filed for July-Dec matched with final returns With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion. According to the GST returns data, 34 […]

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E-wallet will address GST refund issue of exporters

E-wallet will address GST refund issue of exporters Introduction of e-wallet mechanism will effectively address the woes of exporters who have been complaining of delays in refund of taxes under the GST regime, Commerce and Industry Minister Suresh Prabhu said. Under the e-wallet mechanism, a notional credit would be transferred to exporters’ accounts based on […]

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