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All started when the MP High Court has supported the move to impose a fine of Rs. 1,32,13,683 on Gati Kintetsu Express Pvt Ltd as it failed to comply as per the requirement of the e-Way bill.
Seeking problems faced by taxpayers in GST filing, GST practitioners have come forward in order to form a Joint Action Committee (JAC).
The Bengal has raised the threshold limit for an e-way bill of goods for intrastate movement. Now, the limit is up to Rs. 1 lakh which was previously up to Rs 50,000.
Arvind Subramanian, Chief Economic Advisor India mentioned in a statement that introducing a single GST rate is not relevant in India instead a three slab GST rate framework is a better option for stabilizing the revenues.
Before GST implementation, the car market slowed down because people were waiting for car prices to go down. Passenger vehicles have recorded 37.5% growth in June 2018 and amazingly it is the first time in last eight years that the market has touched such a record.
Builders and buyers have found out the new ways to save 12% GST for under construction flats. As under construction projects engage with difficulties in possession holding, further an introduction of GST in this field has reduced the demand for such projects.
Maharashtra has mentioned that it would surge the cap for e-way bill threshold limit for goods and services supplies within states considering GST norms from existing Rs 50,000 limit to Rs 1 lakh.
The annual GSTR forms are expected to roll-out in the upcoming GST council meeting as the finance ministry is working hard to complete it as soon as possible.
Authority of Advance Ruling (AAR), Andhra Pradesh gave clear instructions mentioning that the GST will be applicable on the items supplied to merchant’s vessels from the Customs warehouse and the experts will inspect and have a close look on such supplies.