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Taxation & Accounting

Category: Gst (page 1 of 165)

Nine important changes in GST in “Navratri”

“Nine†important changes in GST in “Navratri†                                                                                           Courtesy:  CA Umesh […]

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Centre looks to cut GST rates on cars amid sharp decline in sales

Finance Minister Nirmala Sitharaman kindled hopes of a GST rate cut on the same day that several leading auto players announced dismal sales figures for August. The auto industry has long called for a reduction in the GST rate from 28 per cent to 18 per cent to accommodate the downturn. Against the backdrop of […]

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How to tally GST Annual Return and Audit in one go. BY UMESH SHARMA

Courtesy : CA Umesh Sharma

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GST ie.. GANESHA… SAVE TAXPAYERS

Karneeti Part 301:  “GST- GANESHA… SAVE TAXPAYERS†By  CA Umesh Sharma Arjuna (Fictional Character): Krishna, “Vighnaharta†Lord Ganesha’ is arriving in the month of September to resolve all the “Vighnas†of all the devotees. The month of September is the most important month which the Taxpayers should take care of. What are “Vighnas†that taxpayers […]

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Kerala finance minister says no to GST rate cut on cars, bikes

Kerala Finance Minister Thomas Issac said that lowering of tax on automobile would not help and instead result in revenue loss for the states. Kerala would oppose any proposal by the Centre to cut GST rate on cars and bikes in the next meeting of GST Council scheduled later in September. Speaking to IANS, Kerala […]

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Rs 70 crore GST scam: Chandigarh to scan transactions of 20 bogus firms

CHANDIGARH: The UT excise and taxation department has decided to scan transactions made by 20 bogus firms in neighbouring states including Punjab, Haryana, Himachal Pradesh and Delhi. The department in its ongoing investigation into the Rs 70 crore tax credit scam, will also seek the help of excise department to unearth the large spread scam. […]

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West Bengal finance minister calls for tough steps to fix GST frauds

NEW DELHI: West Bengal finance minister Amit Mitra has expressed deep concern over the cases of GST frauds and has shot off a letter to union finance minister Nirmala Sitharaman calling for putting in place a robust reporting system to generate real time tax alerts on detection of any suspicious and fraudulent transactions. “I am […]

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Rail wagon makers buck the trend, seek higher GST

Inputs are levied GST of 5% and 18%, leading to an inverted duty structure as hundreds of crores of rupees in input tax credit are stuck, the companies say. NEW DELHI: Amid the clamour for cuts in goods and services tax (GST) rates to help revive demand, rail manufacturers are seeking the opposite—an increase. Alstom […]

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Bring GSTR with invoice matching for all by January: Bengal FM

Bengal FM wrote that he had forewarned that giving up invoice matching would lead to widespread tax frauds and hawala transactions. NEW DELHI: West Bengal finance minister Amit Mitra has sought a probe into rampant goods and services tax evasion. In a letter to finance minister Nirmala Sitharaman, dated August 27, Mitra also sought the […]

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Technical glitches behind GST annual returns deadline extension

While technical glitch is one of the reasons, the bigger issue it seems is reconciliation of returns with financial statement, which is what the GSTR-9C is all about The date for filing annual returns and GST audit for 2017-18 has again been extended – this time by three months from 31 August to 30 November […]

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