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Recently, in 23rd GST Council Meeting held in Guwahati, the Council revised rate structures under newly implemented tax reform. Impressive decisions have been taken by the tax officials and state finance ministers to reduce the tax burden on small business enterprises (SMEs).
After the successful completion of 23rd GST Council Meeting, now the council will focus on the lower tax slab rates under GST. As well as converting the multiple slab rates into two or three to make the new regime smooth-functioning.
According to the recent poll organized by Dhruva Advisors, nearly 50 percent CEOs appreciating the Prime Minister Narendra Modi decision to implement the new indirect tax regime from 1s July across the country.
Punjab businessmen demanding from the GST council to reduce the tax rates on dry dates from 12 percent (present) to 5 percent, similar to raisins and cashew nuts.
23rd GST Council Meeting started today in Guwahati and for two days it will be discussing upon tax rates nearly on 150-200 items. Post GST implementation, traders and around six lakh business entities have wide expectations from Finance Minister Arun Jaitley.
GST is a complex taxation reform, it enhanced the compliance burden on taxpayers and they are facing problems in filing returns. To get rid of this problem, the government had informed to the tax officials to keep an eye on the activities of the newly implemented indirect tax regime.
GST touted as the biggest taxation reform since Independence, it has been nearly 4 months since new indirect taxation regime was implemented across the country.
According to the survey organized by Nikkei Purchasing Managers’ Index (PMI), a private firm reported that the manufacturing activity fell down in the month of October but the companies hired a large number of workers to provide greater services to the users in respect of outstanding business.
Senior Government officials have expressed disappointment with the Infosys due to the technical glitches and issues in filing returns at GST Network (GSTN). In regard this, the government has to extend the deadlines for filing returns several times.