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The demand for Tax professionals is increasing day-by-day not only in India but also in foreign countries, as VAT is going to be implemented in UAE from 1st January 2018. However, tax Professionals in India are complaining about the complex taxation system of GST but they themselves becoming an expert in handling the complexities.
Starting from the implementation of GST, it has been a round of discussion for the political parties to solve out any discrepancies arising out of compliance obligations of GST.
For claiming refunds under GST, recently the government has observed that nearly 10,000 applications have been filed by exporters till November.
A new facility has been started by the government on its GSTN portal, under which the taxpayers who paid excess tax money by mistake, can now transfer the money back to their bank accounts. This facility has started online from 29th November.
Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.
Rural states those have low per-capita income such as Madhya Pradesh, Odisha, Bihar, Uttar Pradesh, Rajasthan, and West Bengal have contributed a lot in regards to the sales of automobiles post GST.
Petroleum Minister Dharmendra Pradhan pressed that the natural gas must be brought under the Goods and Services Tax (GST) System. Pradhan said, ‘Natural gas is a cleaner fuel than coal. If coal can be brought under 5 percent GST, then why not natural gas?’ He would discuss in this matter with the Finance Minister Arun Jaitley, said Pradhan.
The GDP growth data for September quarter will be announced on 30th November (Thursday) FY of 2017. It is anticipated that GDP figures of September quarter will increase as compared to June quarter
Research and development (R&D) Centres in India especially pharmaceutical, biotech and manufacturing companies went to Delhi Court as the government denied to provide tax benefits under GST.