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GST: GoM Not In Favour To Offer Tax Discounts For Digital Transactions

GST: GoM Not In Favour To Offer Tax Discounts For Digital Transactions

The Goods and Service Tax (GST) Council had earlier formed a panel that was assigned with the task to determine the feasibility and possible consequences of offering tax incentives to users on digital transactions. The report presented by the panel recommends against the proposal, giving the reason that it will strongly affect tax revenues.

The panel was chaired by Bihar’s finance minister and deputy chief minister Sushil Kumar Modi. Other members included Gujarat deputy chief minister Nitinbhai Patel, Haryana excise and taxation minister Capt Abhimanyu, West Bengal finance minister Amit Mitra and Punjab finance minister Manpreet Singh Badal. Read More

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CBIC Launched GST Verify App to Secure Consumers From GST Fraud

govt-launched-gst-verfy-app-for-consumer

Finally, the official verification app has been arrived i.e. ‘GST Verify App‘ which will find out the authenticity of the dealer and retailers collecting GST. It is developed by B Raghu Kiran joint commissioner GST Hyderabad

The app is designed to give an instant feedback of the retailer on the spot regarding its genuine registration details and status of a retailer who is collecting GST. Read More

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1 Year of GST in India: Overall Analysis of New Indirect Tax Regime

One Year of GST in India

Goods and Services tax was introduced on 1 July 2017, and it is about to complete a year. It took so much efforts by the central government to implement GST successfully. GST rollout has subsumed all the central and state taxes in form of indirect tax. GST with the government’s objective of ‘one nation, one tax’ aims to deliver single tax system as applicable in the other countries. The GST is different in terms of categorizing taxes as per economic classes. Read More

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Impact of GST on Online Food Delivery Chain “FoodPanda and Swiggy”

impact-of-gst-on-online-food

Swiggy is the poster boy of the pack and parcel a.k.a food delivery industry. It has enjoyed a dream run so far both in terms of market valuation as well as capital investment. This is not just on paper. You can get an idea about the changing landscape by visiting your favorite restaurant this weekend.

The first thing you would notice is a bunch of people decked in orange T-shirts chattering and waiting at the doorstep. This is a common sight across major restaurants in all cities (big or small). Read More

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How to Change Email ID and Mobile Number on GST Portal?

How to Change Email and Mobile Number on GST Portal

Taxpayers can now update their registered email and mobile number in the GST system. The decision comes in response to the complaints from the taxpayers.

The same was confirmed by the Finance Ministry in a press release. The press release says:

”the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process”. Read More

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How Mutual Fund Investors Impacted From GST Levy On Exit Load

gst-impact-on-mutual-fund-exit-load

Investors are wondering whether the GST Impact on Mutual Fund Exit Load.
And, the answer is: YES.

The recently announced FAQs by the Central Board of Indirect Taxes and Customs (CBIC) has become the matter of concern for many mutual fund holders and other as it mentions that the exit load will be liable to pay goods and services tax (GST). It has impacted the financial services heavily. Read More

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E-Way Bill Software: Top Features You Should Know About

E-Way Bill Software

The e-way bill has been mandated by almost every state government in India. This makes it compulsory for every transporter carrying goods worth Rs 50,000 or more to carry a valid e-way bill. So, every supplier and transporter has now been looking for an easy and fast way to generate e-way bills. There are some good GST E Way bill software applications out there that can help, however, it is essential to know the features of a reliable e-way bill program so that you can differentiate a good software from a bad one. Read More

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