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Contractors who accumulate royalty collection will charge royalty along with 18% GST from the truck owners who are loaded with limestone in the truck from 8 January 2018. This recovery will be based on unpaid revenue.
The Digital camera makers Canon, Nikon and Sony requested the government to eliminate digital cameras from the 28% GST slab which is highest considering all brackets, and this move will be favourable to India’s assertion to the Information Technology Agreement to reassure lower tax levy.
The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.
The government is planning to ease the profiteering complaint filing forms which are filed against wrong benefits generated under new tax regime, said a senior official.
With the increasing fear of declining GST collection, the government can change the procedure of the Invoice Matching system. In consideration of this move, the invoice matching is not done by the assessee but it will be done by the tax department itself.
With the implementation of the biggest reform (GST) in the modern history of India, the expectations were quite high. It is meant to benefit the businesses and economy equally coming under the ambit of Goods and Services Tax.
The Gujarat Income Tax department is quite happy with the government move to wipe out black money and bring more people under the GST ambit by Demonetization and GST initiatives.
To make an initiative in preventing tax evasion by small businesses and traders, the government will introduce the Reverse Charge Mechanism under Goods and Services Tax(GST). In this reverse system, it is the responsibility of recipient utilizing goods and services to furnish GST liability rather than the suppliers, as per a report.
Parliament is proposed to include aviation turbine fuel (ATF) or jet fuel under the Goods and Services Tax (GST) ambit by the civil aviation ministry on 28 December.