After e-way bill, government eyes tools to check GST evasion

After e-way bill, government eyes tools to check GST evasion

After deciding to mandate the use of E-Way  Bill to track the movement of goods within five states Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh from next week, the government is working to introduce other anti-evasion tools to shore up the collection of GST, where it suspects massive leakage is taking place. On Tuesday, the finance ministry said that intra-state movement of goods in 5 Staes — which account for 61% of the inter-state e-way bill generation — will…

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GST: Five more states to use e-Way Bill for Intra-State movement from April 15

GST: Five more states to use e-Way Bill for Intra-State movement from April 15

Eway bill system was rolled out from 01.04.18 for inter-state movement of goods and for intra-state movement in Karnataka. From 15.04.18, E-way bill system for intra-State movement of goods would be implemented in Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh also. XaTTaX: Your automated E-Way bill compliance is just a click away!

Government begins move to increase stake in GSTN

Government begins move to increase stake in GSTN

The process of the govt acquiring controlling stake in the GSTN (Goods and Service Tax Network) has been put in motion, government officials familiar with the matter said, asking not to be identified. According to them, Union minister Arun Jaitley has approved the increase of the stake of the central government and the state governments in GST Network to at least 60% from the current 49%, to address fears that the ownership of a company that handles the IT infrastructure and…

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GST E-way Bill: Objective, Features and Benefits

GST E-way Bill: Objective, Features and Benefits

GST E-way bill is an electronic bill, which will be necessary for the movement of goods in the value of goods exceeding Rs. 50,000. The E-Way bill can be generated from the GSTN portal and every registered taxpayer needs to have this E-Way bill with the goods transferring. Objectives of GST E-way Bill In order to transfer the goods after the e-way bill is introduced, the need for the requirement of separate transit pass in each state will be eliminated….

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5% GST will be levied on food and drinks supplied by the Indian Railways

5% GST will be levied on food and drinks supplied by the Indian Railways

The finance ministry on Friday said a 5 per cent GST will be levied on food and drinks supplied by the Indian Railways or IRCTC in trains, platforms or stations. The Finance Ministry has written to the Railway Board on March 31 about the 5 per cent rate to remove any doubt or uncertainty in the matter. This would bring about uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or…

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New income tax return forms notified for FY 2018-19; salary breakup, GST ID to be furnished

New income tax return forms notified for FY 2018-19; salary breakup, GST ID to be furnished

The Central Board of Direct Taxes (CBDT) notified the new Income Tax Return forms for the FY 2018-19 on Thursday. The new ITR form seeks a detailed salary break up from salaried class assessees and GST number and turnover from businessmen. Though there is no change in the manner of filing the ITRs as compared to the last year 2017-18, some fields have been rationalized in the latest form. All seven ITRs can be filed electronically except for some category…

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Taxpayers can complete filing transitional credit form by April 30: FinMin

Taxpayers can complete filing transitional credit form by April 30: FinMin

Taxpayers who could not submit transitional credit form TRAN-1 on the GSTN portal due to technical glitches now have time till April 30 to complete the process, the finance ministry said today. However, these taxpayers would not be permitted to amend the amount of transitional credit they had claimed while filing the form. Stating that a large number of taxpayers could not complete the process of filing TRAN-1 as they could not digitally authenticate it due to IT-related glitches, the…

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GST Update: Telangana records highest GST collections in the country

GST Update: Telangana records highest GST collections in the country

Telangana’s growth in tax collection is unstoppable and it is the highest in the country. The State collected Rs 904 crore SGST (State Goods and Services Tax) in March 2018, a record of sorts after the implementation of GST from July 2017.The State collected Rs 853 crore SGST in January 2018. Surpassing this, in March 2018, the State collected Rs 904 crore. In fact, the SGST collections of neighboring AP ( Andhra Pradesh) are falling, whereas SGST collections in Telangana…

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Centre sets up IT Grievance Redressal Committee to deal technical glitches on GST portal

Centre sets up IT Grievance Redressal Committee to deal technical glitches on GST portal

The government on Wednesday said it had set up a grievance redressal mechanism to address difficulties faced by taxpayers due to technical glitches on the GST portal. Under the new mechanism, if any taxpayer was unable to file any form or return due to a technical glitch by the due date, he/she would be allowed to do so within a stipulated time period. In case any taxpayers could not complete the process of GST filing TRAN-1 (transitional credit form) in…

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Demonetisation, GST led to formalisation of economy: FM Arun Jaitley

Demonetisation, GST led to formalisation of economy: FM Arun Jaitley

Goods and Services Tax (GST) led to the higher formalization of the economy resulting in higher direct tax revenue and a greater number of income tax return filings, finance minister Arun Jaitley said on Tuesday. “The impact of demonetisation and GST implementation has resulted in the higher formalisation of an economy. This is further substantiated by the filing of more than one crore (new) income tax returns by taxpayers during FY 2017-18 in comparison to FY 2016-17,” Jaitley tweeted. According…

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