gst liability

6 years of GST: Rs 1.5 trillion monthly tax revenues becomes ‘new normal’, focus on curbing tax evasion

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6 years of GST: Rs 1.5 trillion monthly tax revenues becomes ‘new normal’, focus on curbing tax evasion

Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. … Read more

Taxman asks companies to reverse credit claimed on IPO expenses

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Taxman asks companies to reverse credit claimed on IPO expenses

More than 150 companies that have raised funds through initial public offering (IPO) since July 2017 are now staring at additional goods and services tax (GST) liability. Tax authorities have started issuing notices to these companies, asking them to reverse credit claimed on expenses for listing of the shares, people aware of the matter said. … Read more