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There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.
A common GST quiddity has been the increased compliance burden on many small and medium-sized enterprises (SMEs). In this light, the GST Council’s recent decision to allow composition dealers under GST to file one annual return along with a simple declaration is more than just a welcome move.
The garment traders of Surat in Gujarat are fighting for their survival. While textile and diamond industries have reduced the consumption of goods, unemployment at grass root levels has been a matter of serious concern for more than a year now.
The All India Tax Advocates Forum, in light of the extension in GST Annual Return GSTR-9C (Audit Report) for 2017-18 due dates till March 31, 2019, has asked Finance Minister to allow assesses who have already filed the annual returns to rectify mistakes caused in their monthly GSTR-3B and GSTR-1 return.
At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved micro, small and medium enterprises (MSMEs), Indian taxpayers are riding a tax evasion wave unlike any seen in recent times.
GST rate rationalization will be the prime agenda for the 31st GST Council meeting on December 22nd. The Saturday’s meeting might witness 28 percent GST rate on computer screens and power banks slashed to 18 percent.
A major point of discussion on Times Network’s annual flagship event — India Economic Conclave 2018 was PM Narendra Modi’s flagship the ‘Ayushman Bharat Scheme’. Akrita Reyar, Chief Editor (Digital), Times Network caught up with Apollo Hospitals MD Suneeta Reddy at the event to know the laters take at the health insurance scheme and also the future needs of India’s abysmal healthcare sector.
As the Telecom Industry reels under the pricing war for more than two straight years now, the demand for streamlining GST issues is getting stronger with each passing day.
A recent ruling by the Kerala High Court states detention of vehicles transporting personal effect goods without e-Way Bill as invalid. Under the GST regime, an e-Way bill must be furnished against transport of goods whose value exceeds Rs. 50,000.