Latest GST News & Updates | HostBooks

Cloud computing is a concept that has been commonly used over the last few years. With its exponential growth in data use, it has transformed society into the d

Apart from the economical impact, small businesses are left to make a difficult choice: whether to keep their doors open and take risks with the health of their personnel and clients or shutdown until everything settles.

The lockdown and overall decline in consumption due to coronavirus outbreak might lead to a severe decline in the GST revenue mop-up for March and April 2020. A

There are a lot of tax-saving investments beyond the maximum limit of ₹1.5 Lakh available under Section 80C. These options not only help to reduce your tax burden but also have a positive impact on financial planning.

While a majority of small businesses are finding it impossible to manage their team, allot work or even oversee accounting and compliance, those companies which have opted for SaaS-based compliance solutions, are faring well.

The government has extended the deadline for the belated ITR and revised tax return for FY18-19 from 31st March 2020 to 30th June 2020. Here are the best tax-saving instruments to invest your hard-money on and reduce tax liabi

Amidst the #coronavirus outbreak in the country, Finance Minister Nirmala Sitharaman made some announcements as a relief for taxpayers. Kapil RANA, HostBooks Limited Chairman & Founder, said that the extension of various deadlines was the need of the hour.

Finance Minister Nirmala Sitharaman announced reliefs to the taxpayer by extending various deadlines including the Aadhaar-PAN linkage. Kapil RANA, HostBooks Chairman & Founder said this will create a positive bonding between taxpayers and the government.

Vivad se Vishwas scheme was announced in the budget to provide a procedure for taxpayers to settle pending income tax disputes. It is expected to cover two kinds of appeals – those filed by taxpayers and those filed by the I-T Department.

The GST Council is likely to meet soon to discuss compensation paid to states for the loss of revenue after GST implementation and a limited review of the tax structure.

The Central Board of Indirect Taxes and Customs (CBIC) has asked tax officials to collect almost ₹46,000 crores as interest on account of the delayed payment of GST.

Minister of State for Finance Anurag Singh Thakur said in a written reply to Rajya Sabha that the Centre has released ₹81,043 crore as GST compensation to states for April-September 2019.

To collect disputed taxes of pre-GST era such as VAT, central sales tax and entry tax, the Bengal government has introduced an amnesty scheme. According to the industry and tax experts, the scheme will provide multiple benefits to the taxpayers. The central government had announced a similar amnesty scheme – Vivad Se Vishwas – in the Union Budget 2020 on 1st February.

In the next three months, the National Anti-profiteering Authority (NAA) is expected to issue a wave of orders, in line with the Centre's drive to boost Goods and Services Tax (GST) compliance.

After almost three years of GST implementation, authorities have started issuing notices for the audit of assessees to ensure the correctness of tax paid and claimed tax credit.

2nd National GST Conference held under the chairmanship of Revenue Secretary Ajay Bhushan Pandey of the state and central tax officials to take action on streamlining Goods and Services Tax (GST) system and plugging revenue leakages.

Industry body Federation of Indian Export Organizations (FIEO) termed the delay in e-wallet scheme as unfortunate which was aimed at easing liquidity problem in the wake of GST implementation in 2017.

The states might be facing a shortage of up to ₹1.23 Lakh Crore in consolidated revenue on account of the withdrawal of compensation by the central government after the five-year GST transition period which ends on June 30, 2022.

Revenue Secretary Ajay Bhusan Pandey is to chair a day-long meeting on January 7 with top tax officials to discuss ways to streamline GST and plug revenue leakages.

After contracting for two consecutive months in September and October, GST revenue mop-up in December crossed the ₹1 Lakh Crore mark, growing 8.9% on a year-on-year basis.

The next agenda after the budget would be “GST overhaul” for both the Centre and the States. Finance ministers of Central and State governments will discuss the restructuring of the GST slabs and rates with an aim to fix the flaws that have resulted in revenue leakages.

The government has urged tax officials to step up their efforts to meet the average monthly GST collection target of ₹1.15 Lakh Crore in the remaining four months of this fiscal.

The central government released ₹35,298 Crore as GST compensation to states and union territories. The compensation amount was fixed at 14% on top of revenue in the base year of 2016-17 and was to be released after every two months.

In their feedback to the government, businesses are seeking continuation of the use of a four-digit level harmonized system of nomenclature (HSN) code and staggered implementation of new GST returns.

The decline in GST revenue has led to an increase in the compensation paid by the central government to states on account of the nation-wide implementation of the indirect tax.