GST Compliance

Surge of 15% on annual basis; might exceed BE by Rs 1.3-1.4 trillion

GST officers have busted a syndicate involved in the creation of fake firms and bogus invoices which led to a GST evasion of Rs 362 crore, the finance ministry said

Late fees for filing summary return or GSTR 3B waived; Interest rate halved to 9% for 15-day delay in the case of GST assesses with turnover of over Rs 5 crore

It is quite clear that to get the compliance benefit of the GST design, all economic entities must be brought within the tax net so that the invoice trail is established

The finance minister asked taxmen to make life easier for MSMEs, particularly on GST front

But the government will have to ensure protection from counterfeiting of sales receipts

Winning amount may range from Rs 10 lakh to Rs 1 crore

Experts said under the pre-GST state-level value-added regime, cancellation of registration rarely happened

It is an integrated software for all GST, Income Tax and TDS compliances