Pooja Choudhary (Ex Employee)

GST Council gave a high sigh of relief to the Trade-industry on concessions but are doubtful whether it will be long-lasting or not. As per the Tax officials, the random changes and modifications in the rules created a self-contradictory situation due to which it is also possible that the discounts given will be taken back or will become neutral via other norms.

The general elections of India will most probably be held between April and May 2019 to form the 17th Lok Sabha. So before the general election of 2019, the Finance Minister Arun Jaitley will announce the first budget of this government on 1 February 2019.

The Punjab University wants to establish a GST chair which will allow the department to enhance and develop skills needed for understanding the goods and services tax thoroughly. But for this, PU will need funds.

The Finance Department directed (removal of difficulties) order to remove the problems faced by the businessmen while filing the GST returns on the J&K Tax orders and provide the annual returns digitally.

The tax authorities and a monitoring committee have associated and given a task to check the sales done inappropriately under the transactions of the GST compliance of the illegal iron ore which was grabbed in Karnataka.

A few days back, GST Council held the 32nd meeting in which it was said that the GST threshold has been doubled from 20 lakh to 40 lakh annually to help small businesses and the state government can take their decision on it.

From 21st January 2019, the limit of the threshold for generating the e-way bill of goods within the state under GST will be reduced to half i.e. from Rs 2 lakh to Rs 1 lakh as per the Bihar State Government.

It is very important to file regular GST as it helps in revenue of India. For many businesses, the GST registration is compulsory and if the GST registration is cancelled and business is still continued then it is an offence under GST which will lead to penalties.