The Goods and Services Tax (GST) will mark its sixth anniversary on July 1, 2023.  In the last few years, the Centre was successful in consolidating indirect taxes under the GST regime that stirred the economy and boosted compliance. The tax, which is levied on the supply of goods and services, is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a…

‘Best judgment’ assessment awaits GST return non-filers – Times of India

NEW DELHI: Thousands of GST non-filers, or those who did not file returns, have received an auto-generated letter from the authorities, asking them to file their returns or face the prospect of the tax department assessing their liability and asking them to pay. Although the GST law provided for use of “best judgment” assessment, it’s a provision that is only being used now to coax those who have…

Businesses with turnover over Rs 2 cr can now start filing GST audit reports for FY18

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New Delhi: Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal.

The audit report for 2017-18, the first year of the Goods and Services Tax (GST) implementation, is to be filed by 30 June.

The ministry on 31 December,…