The erstwhile indirect tax structure always left a broad scope for tax evasion. With the implementation of GST, transparency and ease in tax compliance are expected to rise. However, effective change management needs to be in place to get habituated to the new system. It also involves the tedious task of restructuring accounting records for transactions carried out.
The average time taken in preparing GST returns in GSTR-1 and GSTR-3B from internal systems and then submitting them on the government portal, by any taxpayer processing more than 10,000 transactions a month himself, may involve roughly 12 hours while only half the time was spent on filing VAT and excise returns. Click to read more
A lot of misconceptions among tax payers have been quelled over the last one year since the Goods and Services Tax (GST) was launched.
“GST is not a disruptive law but a transformational law. As the law matures, industry, which initially had inhibitions and doubts, is now voluntarily complying with the law. We do accept the fact that GST initially had several glitches and had created complexity in complying with it, but now a sizeable chunk of the hitches stand removed,” said A K Jyotishi, Principal Chief Commissioner of Central Taxes, Bengaluru Zone. Click to read more
The Commercial Taxes department has arrested two Bengaluru-based businessmen on charges of committing serious fraud under the GST laws by claiming crores of rupees worth input tax credit (ITC) without any real sale taking place, and without anyone paying the GST.
An economic offences court in Bengaluru has remanded the two to judicial custody, while the department’s enforcement team has continued with its investigations to look for others possibly involved in the fraud. Click to read more
With fuel prices skyrocketing to an all-time high, Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Friday has blamed “international factors” for it and said it is essential to bring petrol and diesel under the purview of the GST.
“It has now become essential to bring petrol and diesel under the purview of GST. As these two items are out of the GST, the nation has to bear a loss of about Rs 15,000 crore. If petrol and diesel are brought under the GST, it will be better for all including consumers,” PTI quoted Pradhan as saying. Click to read more
Tilak Raj Bathla’s (in pic) tiny weaving factory is one of the few still humming on a once busy road in the northern Indian city of Panipat, known as the country’s “textile city”.
Nearby, more than two dozen other workshops are locked from the outside, while dogs and cows roam through other abandoned factories. Scrap dealers enquire about idle powerlooms.
India launched the Goods and Services Tax (GST) just over a year ago, its biggest ever tax reform, aiming to replace more than a dozen federal and state levies and unify the sprawling economy. Click to read more
Now that more than a year has passed since the GST implementation, and the revenues are more or less steady, and considering the fact that the general elections are scheduled for next year, expectations that the government should exempt more and more goods and services from GST levy are high. In the last GST Council meeting, many decisions were taken concerning GST exemptions. On the face of it, exempting any supply of goods/services from the levy of GST appears to be consumer-friendly as no GST is payable on such supply. However, in reality, the consumers may end up carrying the burden of at least a certain amount of GST due to the cascading effect of the GST exemption. Click to read more
The Directorate General of Anti-profiteering has charged FMCG giant Hindustan Unilever (HUL) with profiteering from a cut in the goods and services tax (GST) by not passing on the benefits to consumers, The Economic Times reported on Friday.
The daily said a report by the Directorate General of Anti-profiteering put HUL’s undue profits were more than Rs 330 crore; this was more than double of the Rs 160 crore the company had deposited with the government’s Consumer Welfare Fund—which provides financial assistance to promote and protect consumers’ rights—where money that is not refundable to manufacturers is credited. Click to read more
A daylong seminar on Tax Audit and GST Audit was held in city on Thursday.
The seminar was organised by Committee for Capacity Building of Members in Practice, New Delhi and was hosted by Bhopal Branch of The Institute of Chartered Accountants of India.
During the program CA Deepak Bholusaria, speaker from Delhi explained the provisions of recent changes in Tax Audit reports in detail. He described that the Changes in tax audit reports are applicable with effect from July 20 2018. Click to read more