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The GST Council, in association with the government, is soon going to start releasing the rate lists for different goods under GST. This is to inform buyers about the reductions in the price of products after the implementation of GST.
It has almost been one month since GST was implemented in India, but many traders and companies continue to find it difficult to business in the post-GST regime. Many traders are still confused over the multiple rates of GST taxes.
Asim Dasgupta was the previous Finance Minister of West Bengal who managed the Empowered Committee of State Finance Ministers.
The finance ministry is planning to set up an Anti-Profiteering Body to deal with fraud price hikes and to clear confusion over the new GST prices of goods and services.
Madurai Collector K. Veera Raghava Rao along with many top tax officials attended the one-day awareness programme in the city which was organised for the benefit of traders and stakeholders of the GST.
While the cash-based unorganised retail industry was still recovering from last year’s demonetization effects, the implementation of the Goods and Services Tax (GST) has further increased its problems as most of the small grocers are preferring to directly purchase from GST compliant major wholesalers.
Inspired by the launch of Reliance Jio Phone, many Indian telecom operators like Airtel, Vodafone India and others may also soon come up with their own 4G bundled phone offers.
Former Haryana Chief Minister Bhupinder Singh Hooda at ‘Vyapari Sammelan’ on July 23, said that the new Goods and Services Tax (GST) is extremely tedious for small business and traders.
Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, the supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.