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The new decision was taken by the government which provides relaxation in intervals of filing returns. Furthermore, the GST Council made the tax filing process easier for businesses, which has to lessen the businesses of both, GST Suvidha providers (GSPs) and Assisted Suvidha providers (AGSPs). The new move is beneficial only for the SMEs and businesses.
Big B2C service sectors like banks, telecommunication operators, and insurers are working deliberately to stay clean of anti-profiteering damages because there are no stir-clear recommendations till now concerning the profit they can make from the initiation of the GST.
Daily-use household items now become cheaper after the reduction of tax rates in 23rd GST Council Meeting. In the last meeting of GST Council, the tax rates have been reduced by the GST council nearly on 200 items.
The 23rd GST Council meeting in a row to make GST more effective proved to be big contentment for most traders with the council pronouncing a set of measures that reduced the compliance burden and tax rates on some eatery goods.
Goods and service tax has taken a lot of attention recently due to economic factor. One for advancement and another for its drawback related to strict compliance introduced.
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 GST has created the confusion between publishers and authors and the question is that who is liable to pay 12% of Goods and Services Tax (GST) on royalties.
Goods and services tax which was implemented recently and to be exact on 1st July 2017 with a lot of promises and work on progress tagline, is known to be subsuming all the indirect taxes into one.
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.
