The technological fabric of GST intertwined with compliances complexities and multiple-stage taxing has spelt doom for the once flourishing Textile and Powerloom Industry of Surat.
Powerd By SAG INFOTECH
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The technological fabric of GST intertwined with compliances complexities and multiple-stage taxing has spelt doom for the once flourishing Textile and Powerloom Industry of Surat.
Registered transports are in big benefits due to the implementation of GST e way bill as there are certain benefits to get the goods transported through a registered transporter.
The Indian handset manufacturers have sought clarifications regarding the taxes applicable on smartphone batteries and asked for the rationalisation of the taxes.
Under GST provisions, the government collects integrated tax for Goods and Services utilization and later share this collection between the centre and states.
The current sorry state of the once flourishing Surat’s Textile Industry can be attributed to the policies of the State Government.
In order to ease the GST impact on the exports industry of India, the government has today sanctioned pending GST refunds of over Rs 30,000 crore to those exporters who are waiting to get input credit or claim back the IGST paid by them on exports.
The Authority for Advance Ruling (AAR) has passed an order mentioning that now the sale of ‘Going Concern’ of a business will be exempted from Goods and Services Tax (GST).
The GST is self-assessing by nature while more than 1 crore Taxpayers are registered under GST. Self-Assessment is necessary to determine tax liabilities.
A major beneficiary of the revised GST rate of 12% on Construction Projects could be the Maharashtra State Government. The State Government has reportedly asked for rebates from contractors handling the Mumbai Metro Project.