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The GST Council, in its 29th GST meeting on Saturday, is likely to discuss the proposal to remove the CGST (central goods and services tax) levy on small businesses with annual turnover of up to Rs 1.5 crore.
There is already a tense environment in the business world due to the GST and in this strategy, the fund flow as well as to ease business operation norms, the Tamil Nadu micro and small-scale units have requested modifications and relaxations in the current GST norms.
In the upcoming 29th GST council meeting to be held on 4th August, the government is set to offer multiple benefits to the small businessman and taxpayer under the GST.
The Confederation of Indian textile industry chairperson stated that the factors such as an increase in import taxes on textiles and reduction of GST rates on synthetic clothes will surely boost the domestic cloths industry.
The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, firm partnership, foreign income or any agricultural income of more than Rs 5,000.
Seeking problems faced by taxpayers in GST filing, GST practitioners have come forward in order to form a Joint Action Committee (JAC).
ITR-1 Sahaj Form is filed by the taxpayers and the individuals having the residential status of ordinary and not other than ordinary, accruing income from salaries or, one house property and other capital gain sources i.e. Interest etc. up to INR 50 lakh per annum.
The Authority for Advance Ruling or AAR (Rajasthan) has cleared all pervading ambiguities over GST and Electricity. While Electricity is not under the direct ambit of the GST, but electricity invoices can have GST components at times.
In a move to appease small traders, the Central government has postponed the provisions of Reverse Charge Mechanism under GST.
