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During the Jaipur visit, a committee representing the Jewellers Association, Jaipur met Shri Suresh Prabhu, Honorable Union Minister for Commerce & Industry and told him their concern about the duties and taxes which are charged on the colored gemstone segment of the trade.
CBDT (Central Board of Direct Taxes) Chairman Sushil Chandra said that the IT department has proposed an extra investigation to stop the outlay of money towards the fraud repay claims which are based on the corrupt investments as shown in the tax return forms.
To change the hospital bill structure of patients a proposal will be considered by the GST (Goods and Services Tax) to ensure that medical bills have transparency.
Goods and Services Tax is makings its way to hawala transactions because businesses are claiming ITC that are not able to be matched with the invoices, said West Bengal Finance Minister Amit Mitra.
Strict actions will be taken against the 1,300 dealers who did not pay the GST from starting, i.e. July 2017, by the Jammu and Kashmir state tax department.
The e-returns for IT had a massive jump this year i.e. in April-November, 6.09 crore returns were filed which is up by 48% year on year as compared to the growth of 20% in the 2017 and the highest growth was in the less-industrialized states like Uttar Pradesh, Madhya Pradesh, and Bihar.
Narendra Modi said that the process of simplifying the GST (Goods and Services Tax) is going on and the government wants to bring the 99% items to the 18% slab.
After implementation of GST, approx. Rs 320 are saved every month by an average Indian household on the purchase of the daily household goods like edible oil, cosmetics and cereals said a finance ministry source mentioning the survey of consumer expenditure data.
The GST Council will most probably bring down the 28% rate in its upcoming meeting by reducing the GST rate on construction items like – cement.