sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
GST - Goods and Services Tax »
 GST compliance: Govt plans to go easy on businesses till polls
 Government faces shortfall in GST collection
 Proposal to encourage taxmen to file GST profiteering complaints
 GST at an inflection point, effortsmust be made to fine-tune structure
 GoM on revenue shortfall to study GST collection on services by states
 GST: These 10 judgments should offer clarity on ambiguous rules
 Here's what will become cheaper for you GST Council meet
 Government notifies new annual GST return forms
 Goods And Service Tax (GST) Concept & Status As On 1st January, 2019
 GST net: Spotting tax evasion easier under new regime
 9 Facts You Must Know about the New GST Limit of Rs40 lakh

Govt may introduce New GST Return to check Transitional Claims
October, 01st 2018

In a move to curb tax evasion and to boost up the revenue figures, the Government may introduce another return form to the Companies that availed of more than Rs 25 lakh credit under the goods and services tax ( GST ) regime in lieu of levies paid under the previous system. Such companies will soon have to give details of their purchase ledgers for six months before the new tax regime was rolled out, ET reported.

“The government will soon bring out a new ‘credit growth return’ form. This comes after a detailed analysis of the top 50,000 taxpayers showed a sharp rise in the closing balance of credit of many at the end of June last year compared with September 30, 2016. These top 50,000 taxpayers have claimed about Rs 1.5 lakh crore worth of credit,” the report said.

India switched to the Goods and Services Tax regime last year in July subsuming multiples state and central taxes such as excise duty, service tax, countervailing duty, value added tax, purchase tax, and octroi.

“The form would be notified soon,” a government official with knowledge of the development told ET.

Companies that have shown more than a 25% jump in credit between October 2016 and June 2017 will also have to share these details. This form will be restricted to central GST as states captured purchase details under the value added tax (VAT) regime.

The current revenue figures are not satisfactory and the Government suspect businesses for claiming excess input tax credits and tax evasion. GST Collections in August was lower than July. The loss occurred to most of the States have to be compensated by the Centre.

Under the transition rules, traders and retailers are allowed to claim a credit of 60% of taxes paid earlier against CGST or SGST dues where the tax rate exceeded 18%. In cases where the GST rate was below 18%, only 40% deemed credit was allowed against CGST and SGST dues.

 

 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions