Leaving your job without serving notice period? Be ready to pay 18% GST
Jan 14, 2021, 01:23 PM ISTThere is an important update for salaried employees who are planning to leave their jobs without serving the stipulated notice period.
There is an important update for salaried employees who are planning to leave their jobs without serving the stipulated notice period.
The Union Finance Ministry has released the 11th weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
GST intelligence authorities have registered about 2,200 cases and unearthed more than 6,600 fake GSTIN entities during this period, sources said.
The Union Finance Ministry has released the 10th weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
In a massive crackdown on GST evaders, the government has initiated action against 7,000 entities including the arrest of 187 -- a campaign that contributed to buoyancy in tax collection.
The firm was evading the payment of Goods and Services Tax (GST) by manufacturing and clandestinely supplying gutkha/pan masala/tobacco products without any registration and payment of duty, it said.
GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy.
The Ministry of Finance in a statement said it has released the ninth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
About 45,000 taxpayers, which equals to only 0.37 percent of the total businesses registered in the Goods and Services Tax System, will be required to fulfill the mandatory requirement of a 1% percent cash system of GST liability with effect from January 1.
Trading community on Sunday urged Union Finance Minister Nirmala Sitharaman and Goods and Goods and Services Tax (GST) Council to withdraw certain provisions of the new GST notification issued a few days back.
The mandatory requirement of 1 percent cash payment of GST liability with effect from January 1 would be applicable to about 45,000 taxpayers, which is only 0.37 per cent of the total businesses registered in the Goods and Services Tax system, Revenue Department sources said on Saturday.
GST authorities have arrested as many as 140 persons, including five chartered accountants, in about a month's time on charges of issuing fake invoices, and have now trained their guns on entities transporting under-valued goods.
Come January 1 and GST taxpayers would be able to pay their tax dues on a self assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis.
Come January 1 and GST payers would need to fill only 4 GSTR-3B returns in a year instead of 12 returns at present. In a major reform, the government has eased the return filing experience for the GST taxpayers with the introduction of Quarterly filing of Return with Monthly Payment (QRMP) Scheme.
Jharkhand, the only remaining state, has now communicated its acceptance of Option-1 given by the Centre.
The Supreme Court on Thursday upheld the levy of Goods and Services Tax (GST) on lotteries, betting and gambling, ruling that this doesn't violate any constitutional provision.
Revenue from Goods and Services Tax in November is the second straight month in the current fiscal when GST revenue has topped Rs 1 lakh crore.
Tax officials have been directed to follow up personally with these defaulting taxpayers so that their GSTR-3B returns due for October get filed by Nov 30.
Central and state tax officials have suggested the option of online GST registration with live photo and use of biometrics to weed out the menace of fake firms claiming input tax credit, sources said.
GST investigation arm DGGI has arrested 25 persons over the last week for issuing fake invoices for goods like waste and scrap of non-ferrous metals, readymade garments, gold, silver and construction services.
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