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With the GST implementation in July 2017, it was predicted that the manufacturing states might face the revenue loss but producer states such as Uttar Pradesh and Bihar would generate a hike in revenue collection.
GST E-way Bill which is implemented starting 1 April for interstate and 15 April for intrastate transportation of Goods will see some relief as the apex authority can simplify the verification process.
After the successful implementation of GST e-Way bill in all states in regard of moving goods from one state to another, now, this is the time to make your fingers cross for Intra-state e-Way bill introduction as well.
As mentioned earlier GST would be the Goods and Simple Tax, the definition is going completely against for the apparel exports industry.
The recent action of Supreme Court in regard sending notices to Ultratech Cement Ltd. for credit reversal is an indication of gazing on another manufacturer.
After the GST rollout, instead of elimination of cascading effects from prevailing indirect tax regime, the contractors have to pay GST two times.
During the meeting held at the central GST departmental commissioner, Ludhiana, the traders have been informed that as it is compulsory to generate e-way bill before leaving the state for other states to transfer the goods.
GST E-way bill has been implemented from April 1st, 2018 and more than 11.18 lakh taxpayers registered through the online e-way bill portal till now.
A load of previously imposed 12% GST on the houses of the low wage groups has been reduced under the Pradhan Mantri Awas Yojana. After the notification of central government, approximately 30 thousand families in Lucknow have to pay low taxes.