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GST AUDIT SYSTEM
GST wins India Inc's vote, but businesses seek faster refunds and smarter reforms: DeloitteIndia's GST regime has achieved widespread acceptance, with digitisation and rate adjustments hailed as major successes. Businesses now pri...
Tokenised gold: A new way to invest in gold or a risky bet? What Indian investors need to know before investingTokenised gold is emerging as a new investment option in India. It uses blockchain to represent physical gold digitally. Investors can trad...
India’s MSMEs are no longer digitising for compliance alone: Tally’s Tejas GoenkaAs MSMEs accelerate their digital transformation journey, technology is becoming central to growth, efficiency, and resilience. Tejas Goenk...
Right to trauma care of citizens integral part of right to life, Supreme Court saysThe Supreme Court has asked all states and Union Territories to launch a unified helpline, 112, for emergency responses. A functional syste...
Deloitte India could lead professional services space soon: Romal ShettyDeloitte India’s leadership believes that the future of professional services will extend beyond traditional offerings to solutions, platfo...
Foreign betting sites pull a prank on taxmanOffshore gaming firms found a way to use the site name cgstahmedabadzone.gov.in to create additional, fake pages, complete with sub-links t...
How secured loans can open new doors to credit-based growth for MSMEsSecured loans offer MSMEs a pathway into the formal credit system, eliminating the need for years of audited financials or a long operation...
EEPC India bats for 'faceless' GST audit systemThe Engineering Export Promotion Council (EEPC) in India has proposed a faceless GST audit system to enhance ease of doing business. This s...
EEPC India proposes faceless GST audit to empower MSME sectorEEPC India recommends the government to introduce faceless GST audits to help MSMEs reduce compliance costs and concentrate on growth. They...
GST audit report in Maharashtra will be issued offline; know what steps to take to avoid future litigationGoods and services tax: The Maharashtra GST department has issued a circular which allows GST proper officers to conduct the GST audit proc...
GSTN to launch invoice management system from Oct 1The GST Network will introduce the Invoice Management System (IMS) from October 1 to help taxpayers match their records with those issued b...
GST authorities issue 50,000 showcause notices to companies across sectors following audit findingsAudits must be completed within a definite timeline to remove business uncertainty. A common audit manual for the Centre and states, instea...
CAG plans to fix GST holes and loopholesCAG has also pointed to inconsistencies in the GST Network (GSTN) data, such as gaps between taxable value and declared tax liability. An e...
Auditors not bloodhounds but watch dogs, at most sniffer dogs: ICAIThe ICAI has been trying to increase awareness regarding this through communications with various stakeholders, including the government an...
GST e-invoicing for businesses with Rs 500-cr turnover from Oct 1The e-invoice was aimed at curbing GST evasion through issue of fake invoices. Besides, it would make the returns filing process simpler fo...
GST audit guidelines need to be reviewed to include video conferencing: ExpertsAs per the current goods and services tax (GST) audit guidelines, taxpayers have been broadly categorised into three groups based on their ...
CAG for review of integrated GST settlementsThe CAG report for 2018 said incidents of such claims going undetected by the system exposed the vulnerability of the system to fraudulent ...
GST audit: The last milestone in the journey of filing returns for FY 2017-18Filing of GST returns has gone through its own share of challenges and the Annual return and GST Audit is the last milestone, in completion...
CAG conducting performance audit of GST, report likely soonThe CAG is auditing the functioning of the new indirect tax regime since its implementation on July 1, 2017.
GSTN to go in for third-party audit of its software: CEO Prakash KumarGSTN operates the IT backbone for collection of Goods and Services Tax (GST) data of over 1.11 crore registered business entities.