Mahagst gov in, the Department of Goods and Services Tax of the state of Maharashtra has taken an initiative with the objective of providing ease of doing business.
In-depth discussion on Composition Scheme under GST (Present scenario), Sections, rules, forms, notifications,circulars and orders
The GST is at vital stage at present. The Department is concerned about revenue and the Taxpayers are anxious about actions to be initiated against them for technical and innocent Mistakes done by them while trying to follow the back to back stringent GST procedures without any intension of evasion of tax.
GST is new tax and the dealers who followed it from the initial stage have made some technical mistakes which were not noticed by them within time or they were not rectified by the dealers since the facility of revision of such mistakes was not there. These were innocent mistakes and not the fraud and/evasion of tax.
Demand for interest payable on delayed payment of GST dues being raised on the Gross amount of tax payable before the availment of Input Tax Credit (ITC)
Several cases of fraudulent claim input tax credit (ITC) have been caught by the GST authorities. Considering the same, in Union Budget 2020 it has been proposed to take massive steps to curb issuance of fake invoices. To curb issuance of fake invoices, New penalty section 271AAD has been proposed to be inserted in the Income Tax Act through Finance Bill, 2020.
Any registered person availing the option to supply goods or services for export without payment of integrated tax shall furnish, prior to export, a bond or a Letter of Undertaking in FORM GST RFD-11 to the jurisdictional Commissioner.
The FM in the Union Budget 2020 announced to amend section 50 of the CGST Act and collect interest on the Net GST Liability. However, a few days ago CBIC issued a clarification that the interest will be collected on the effect of such amendment will be prospective and not retrospective.
What is Lottery Tickets 'Lottery tickets', is actionable claim and is classified as 'Goods', under GST. However as per Schedule III Actionable Claim is neither supply of Goods nor Supply of Service, but Lottery Tickets is exception.
Memorandum for GST problems faced by Trade and Industry and some suggestions to solve them to give relief to Trade and Industry
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