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The new Financial year has begun amidst concerns for consecutively decreasing GST Revenues. Though the Government and the GST Council must have had a sigh of relief on Sunday after e-way bill platform was successfully launched post the disastrous first attempt on February 1st this year.
Electronic Bill or the e-way bill will come into effect from April 1, 2018. E-way bill is an important step towards India’s dream of becoming a digitally driven Tax Economy.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, asserted the need for clear protocols for GST data sharing by government departments.
The low turnover limit has brought new dealers and traders under the ambit of GST. Depending on their previous tax compliance stature, Registered and non-registered taxpayers under the previous tax regime have to file TRAN-1 or TRAN-2 forms to claim a transitional credit on their stock of inputs, semi-finished goods or finished goods when GST came into force.
In a welcome move by India’s Insurance sector regulator, the IRDAI, a total of 24 schemes due for reinsurance were exempted from the ambit of the GST.
GST collections witnessed a slow down for the second consecutive month in the last quarter of the current financial year. The collections for the month of February stood at Rs 851.74 billion.
The Finance Ministry has made the complaint procedure against profiteering schemes used by traders/business owners post GST rollout. Consumers will now have to fill a simplified version of the complaint form with less number of columns.
The GST was supposed to make Indian Taxation System Good and Simple. But after more than eight months down the line, it seems that the new GST regime is marred by technical glitches and operational complexities.
The current financial year is in its last week.This fiscal year witnessed a complete overhaul of the previous taxation policy.