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Bimal Jalan, former RBI governor, has advised that the GST council needs to transfer the authority from the centre to local governments because preferences of states are diverse according to the poor and rich status.
The economy has slowed down due to demonetization and GST implementation. The impacts can be seen on the business of many companies, but, it didn’t affect the market of khadi.
The Legal Metrological Department of Telangana government is all set to initiate a special check in the State after receiving so many complaints from the public about businesses are imposing GST over and above the MRP mentioned on the packet of the goods.
The GSTN system handles the IT infrastructure for GST regime, is soon going to unveil an online application for claiming the refunds.
To promote the prominent employment and foreign exchange generating sectors, the tourism ministry of India has introduced a concession in the GST rates and the proposal of ‘infrastructure status’ for five-star hotels.
GST implementation has put the BJP government on the edge of a knife. To fight against the allegations being showered by the opposition party, BJP government is trying to resolve the issues related to GST.
GST composition scheme which is subjected to give relief to small businesses can be mold to new forms as GST Council is trying to make it more attractive and comprehensive for traders.
To deal with the tax-evaders, the anti-black money drive is established with the full power of strict compliance laws. To treat the evaders in a better way, the GST laws are designed in such a way to protect the taxpayers and extract out the tax-evaders in a check.
As per the tax experts review on GST implementation, the old-issue of transfer pricing can tremble the system in coming future.