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It is estimated that over 60 lakh MSMEs may come out from the Goods and Services Tax (GST) net if the threshold limit for micro, small and medium enterprises (MSMEs) is raised to ₹75 lakh.
GST collection dropped to Rs 94,726 crore in December 2018 as compared to November’s collection of Rs 97,637 crore.
Taxpayers are advised to pay their Income tax on or before 31st December as on non-payment of the returns on the stipulated time, would lead to the payment of huge penalty and the penalty amount could be between Rs. 5000 and Rs. 10,000.
Confederation of Indian Industry (CII) expressed its concerns regarding the Economic growth and laid emphasis on a settled GST. CII explained thoroughly that a settled GST would result in the improvement of Creditability and also in capacity expansion by an increment in infrastructure investment and these are amongst the seven key drivers that would help the Indian Economy grow by 7.5% next year.
The Goods and Services Tax (GST) has been introduced in India on 1 July 2017. Since then it has come across several challenges.
The single standard rate of GST was proposed by the Congress party but has not been accepted by the BJP Government earlier.
The Deputy Chief Minister of Bihar, Sushil Kumar Modi, discussed regarding the proposal for raising the GST threshold. He said that this proposal is going to prove as MSME friendly and would provide relief to the particular large section of the Business society which falls under this category.
Ocean Freight transport is defined as the process through which merchandise goods and cargo and commodities are transported through shipways via shipping lines.
The Big news has come for the Oil Refineries as there is an announcement for relief in regards to the GST payment against the job outsourced by these oil companies.