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The Goods and Services Tax Network (GSTN) is facing temporary technical glitches after the implementation of the new tax regime, which is hectic for the country. Any of the new IT systems will take nearly six to nine months to evaluate and solve problems as well as get things in a right manner.
The definition of job-work already exists in Central Excise and the job-worker plays a major part in Indian economy due to involvement in the processing of input or unfinished goods.
A Maximum Retail Price is a maximum price which can be charged from the consumers in India as specified by the authority figures.
The GSTR-8 return form is filed by e-commerce companies each month. E-commerce companies are registered under GST regime compulsorily and obtain the registration under tax collection source(TCS).
The newly elected President of India, Ram Nath Kovind, has recently in an official announcement ordered to increase the GST compensation cess rate on luxury vehicles, large cars and sports utility cars from 15% to 25% under the GST regime.
GST has rolled out on 1st July 2017, now the impacts are explicit on medicine prices. Currently, applicable GST rates on medicines are put in four categories: GST at 0%, 5%, 12% and 18%.
FMCG dealers, who are unable to get credit on their past stock due to unavailability of Tran-2 form, are forced to pay tax from their own pocket.
Following the implementation of GST in India, many shopkeepers are glad because of the reduced rates of their products while many others including the sweet sellers of West Bengal are unhappy because of increased tax rates on their products.
More than one month after the implementation of GST in India, the GST Network (GSTN) has now started the GST registration process for those people who do occasional business deals in one or more Indian states but have no business establishments there. The initiative was taken to make it easier for ‘casual’ businessmen to do business with a valid GST registration.