Poonam Hotwani (Ex-Employee)

An educative seminar on recently implemented Goods and Services Tax (GST) Regime has been organized by MIDC Industries Association (MIA) for the members of the association.

GST council chaired by Finance Minister Arun Jaitley, it is expected that the next council meeting will held on 24th October in New Delhi and the council members will discuss the rates of remaining 60 items.

To address the issues relating to the technical glitches faced by taxpayers in the implementation of goods and services tax (GST), a five member Group of Ministers (GoM) has been constituted by the Finance Minister Arun Jaitley.

The state screening committee of Anti-Profiteering Provision under the new indirect tax regime is likely to be formed in the coming week.

After the implementation of Goods and Service Tax (GST) from 1st July, exporters are facing problem in the working capital due to delay in receiving the tax refund under GST. In view of this, they have demanded to provide tax exemptions previously instead of reimbursement mechanism.

According to the sources, it is disclosed that the petition has been filed by a group of tax consultants in the Rajasthan High Court against the central and state governments alleging for unpreparedness in implementing the new indirect tax regime.

According to the tax official, it is expected that the GST Council may reduce the taxes on items of common consumption if the government will earn good collection from the new tax regime over the coming few months.

The government of India, including Centre and States, have collected nearly Rs 92,283 crore from the Goods and Services Tax, the collection amount is the very first month after the new tax regime was implemented in the country, said Union Finance Minister Arun Jaitley.