Deependar Singh (Ex-Employee)

The main objective of introducing GST in India was to decrease Tax Evasions and increase Tax Compliance. The GST TAX System is now more than six months old, but still, there is no decline in the number of vehicles carrying illegal and non-registered goods inside Uttar Pradesh.

The current Financial quarter has brought good news for the Indian Economy. The Industrial production growth rate for the month of January was recorded at 7.5 percent.

On March 10, The GST Council will meet for its 26th meeting since the new GST Tax was levied last year. The deadline for filing of sales return i.e the GSTR-3B may be increased by three months till June.

The Indirect Tax Department stated that electricity meters will attract goods and service tax (GST). This was also confirmed by the Central Board of Excise and Customs (CBEC). Electricity does not come under GST but the rent on electricity meter is not exempted from GST.

On Tuesday, Finance Minister Arun Jaitley assured that the Government would take necessary steps to ensure easy GST compliance. However, the Finance Minister denied even a minuscule possibility of implementing a single tax rate for GST.

As confirmed by the Central Board of Excise and Customs (CBEC), errors by exporters in filing GST returns are causing the delay in disbursing tax refunds. Only a third of the total returns filed under the new tax regime are eligible for tax refunds and the refund process for those with clear documents has begun.

GST was touted as a Good and Simple tax for the people. However, six months down the line traders continuously complain that the accounting and return filing cost have doubled. The GST council as well as the government claims of:

Tax evasion under the new GST TAX regime was never going to be easy. Going by the Governments strong stand it appears that the culprits would be unmasked sooner than later.