With government going all-out to plug GST loopholes to contain evasion and bolster collections, taxpayers are frequently receiving notices and advisories for a range of issues including sudden spike in input tax credit (ITC) claim, lower GST payment over the previous year and mismatch in return forms.
If the plastic cricket bat you bought for your one-year-old nephew for Rs 120 last week costs Rs 160 now, blame it on the trebling of import duties, from 20% to 60%, on various toys in the budget.
Kolkata: More than a one lakh retailers across the country will be hit by 200 per cent import duty hike, toy importers, who went on strike on Saturday, said.
Jalandhar, February 9, With the Centre’s proposal to introduce lottery system for Goods and Service Tax (GST) where the winning amount may range from Rs 10 lakh to Rs 1 crore, industrialists have said such initiatives won’t solve the actual problem.
The Punjab government has joined hands with USA-based Abdul Latif Jameel Poverty Action Lab (J-PAL) to work on ways to check tax evasion and improve the goods and services tax (GST) collection in the state.
MUMBAI: The government may consider introducing a prepaid tax and customs model for cross-border transactions, a move that could make buying products from foreign ecommerce platforms costlier.