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The impact of goods and services tax on the daily household is positive according to the reports and research did in the one year of this crucial time period i.e. the implementation of GST.
In a statement released today, the RBI said that states have been unable to achieve their gross fiscal targets owing to issues like higher salary expenses, limited revenue after GST implementation and loan waivers being offered to the farmers.
The two-day tax conclave will be held in Ahmedabad on July 14 & 15. The meeting will be attended by around 200 tax practitioners from over 26 Indian states who will discuss the ongoing issues of Goods and Services Tax (GST).
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.
The next GST Council meeting is all set to be held on July 21, 2018. Among many issues to be discussed in the meeting, one is related to the reduction of GST rate on various products and services, especially the ones which do not add much in terms of revenue to the government.
Recently the Maharashtra government announced that it will request the central government to look through the goods and services tax on butter and ghee.
The reports of tax evasion are not new. Taxpayers have even managed to find ways to evade taxes in the new Goods and Services Tax (GST) regime.
One Nation One Road Tax is a proposal from GST council to make one road tax across the country just like the Goods and services tax.
Amidst rising criticism on the multi-slab tax levied under GST, Prime Minister Narendra Modi in a recent interview to Swarajya magazine put forth his Government’s logic on the same.
