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In the name of GST, the renowned 40 leading pharmaceutical companies in the country have not only looted the government within five months of GST implementation but also have not deposited tax to the treasury of the government.
In a recent move implemented by the Finance Ministry, the GST Council has allowed business entities that they can rectify their mistakes in GSTR-3B return form and adjust tax liability without fear of tax penalty.
The composition scheme meant to make the GST compliance easier but the government suspects that this scheme has been misused by the small business enterprises (SMEs) by an average quarterly turnover approximately Rs 2 lakh.
The deadlines for filing GSTR- 1 sales returns of July-September quarter have been extended by the GST Council for more 10 days till 10th January 2018, earlier it was 31st December 2017.
GST collection in Punjab has impacted significantly because of the continuous decrement in industrial and business filings for the last two decades.
The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
IGST Refund – Under the GST law, exporters must have to pay the Integrated Goods and Services Tax (IGST) while exporting the goods from one place to another.
From last few months, the government is working upon to hike the cess on luxury vehicles from 15 percent to 25 percent and now finally, a bill has been approved by the Lok Sabha which has made the cess on luxury cars at 25%.
It has been around 6 months since GST was implemented in the country, some of the taxpayers have claimed that their data is merging with the others at the GSTN Portal. In respect of this, the Information Technology department is blaming that the taxpayers are registering with multiple entities at a time.