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A government official has stated that the Central government is currently working on to enhance its stake in the Goods and Services Tax (GST) Regime to ensure that any data breach or mishappenings don’t occur on the GSTN portal. Currently, the ownership of government in GSTN is 49 percent, whereas the ownership of private financial institution is 51 percent.
The Government of Bihar has targeted 20 thousand crore revenue collection to the commercial tax authorities under the GST during the current financial year.
Due to the shortage of money, it is anticipated that the Punjab government will not pay the salary of their employees on time for the second consecutive month until the Central government pays the share of Goods and Services Tax to the state.
According to ICRA rating agency, the fertilizer manufacturers are likely to be benefited with the reduction in tax rates under the GST as the tax rates on phosphorus acid reduced from 18 percent to 12 percent.
After a long discussion, E- way Bill (trial) has been finally implemented in the country in January 2018. Since only 50 thousand people have registered for the service in the first five days, some experts believe that E- way bill took a very low start, as more than 80 lakh taxpayers are already registered on the GST Portal.
To deal with the increasing tax evasion cases, the Indian government is planning to bring the composition scheme under the reverse charge mechanism.
Under the new indirect tax regime, it is all set to cross 1 crore taxpayers in the coming two days which indicates a 25 percent increase in the number of taxpayers who were registered for the payment of multiple taxes such as VAT, excise duty and service tax.
Strict actions have been taken by the government against 17,527 alleged tax evaders first time in six months since the introduction of the Goods and Service Tax Regime (GST).
Finance Ministry Arun Jaitley said that it is not possible to implement a single GST slab rate in the diversified country like India because the substantial population in the country are from below poverty line (BPL), so the process of different slab rates under GST will continue in India.