Indian Tax Solution

GoM favours deferment of sops for digital payments under GST by a year

Govt. may defer sops for GST digital payments

A ministerial panel will recommend to the GST Council to defer by a year the proposal to incentivise digital payments under GST, citing revenue implications of doling out a concessional tax rate. The panel has decided to wait for stabilisation of revenues under GST in the current fiscal before considering differential GST rates for people making payments using the digital mode.

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Huge relief for manufacturers -No GST payments on advances received for supplying goods

On Wednesday, the Central Government spared businesses from paying GST on advance amounts they have received for goods which are to be supplied later in the future. The step was aimed to help clear the confusion over tax liabiliti ...