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Saudi Arabia imposes temporary visa ban on 14 countries, including PakistanUK protests against Israel detaining two British lawmakersGovt to set up dedicated startup India desk for budding entrepreneursDelhi Govt takes stern action against steep fee hike by private schoolsUK MP Dan Norris arrested for alleged child sex offencesIndian-American country judge nabbed on money-laundering chargesAustralia pledges 2.3 bn Australian dollar to enable households buy solar batteriesIndia, Lanka sign MoU on defence cooperationCX - Mere interconnection under Income Tax law does not establish a related party transaction under Central Excise law, thereby invalidating department's demand for duty at 110% of production cost: CESTATOwaisi moves SC against Waqf Amendment ActNo TDS to be deducted u/s 194EE on payments u/s 80CCAST - Removal of smart cards for pairing with set-top boxes (STBs) constituted job work under Rule 4(5)(a) of CCR, 2004 and thus, reversal of CENVAT credit is not required: CESTATCBIC issues AGT orders of 229 Jcs / ADCs + 308 ACs / DCs + 177 Pr Commissioners / Commissioners + 12 Pr CCs & CCsST - Activity of serving as intermediary between foreign entities & Indian customers, qualifies as export of services; commissions earned by assessee will not attract Service Tax levy: CESTATKessler Syndrome: Over 1200 objects of space debris banged into earth in 2024CX - Valuation - Specifications meant for guidance purposes per se differ from detailed engineering drawings; only the latter is to be included in assessable value: CESTATTrump grants another 75-day to TikTok to find Chinese buyerEU fears Trump beer tariffs may cost one lakh jobsTrump tosses out National Security Agency DirectorBudget Session of Parliament adjourns sine-die; 16 Bills passedHamas says Israeli offensive in Gaza is fatal for hostagesEuropean Commission votes to freeze existing sustainability rules to compete with China and USParliament passes Protection of Interest in Aircraft Objects Bill, 2025US economy adds 2.28 lakh jobs in March monthI-T - Provisions of section 50C are equally applicable to asset forming block of asset as well: ITATChina retaliates; imposes 34% tariffs on American goods

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Pile of Evidence Shows GST Needs Surgical Strike


REAL G OOD AND S IMPLE T AX

if at all govt is thinking of making the gst what it should have been then...
then do this immediately.....
1. return 3 filing should be yearly containing outward and itc details hence no need to have annual return separately. 3 will be the annual return itself
2.tax payment and gstr 1 should be monthly.
3. reverse charge mechanism to be compulsory only for turnovers for more than 10cr.
4.credit to be allowed as per the books and physical invoices.it should be followed by the compulsory itc audit duly certified by ca if the credit is more than 1 cr per month per registration.
5.payment of invoices by the receiver of the goods has to be in 60days instead of 180 days.
6.in case of every kind of supplies to govt, the gst element has to be deposited by the receiver directly and a certificate to be issued for the same.
7.

Navin Khandelwal 28/11/2019

 

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