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Strict actions have been taken by the government against 17,527 alleged tax evaders first time in six months since the introduction of the Goods and Service Tax Regime (GST).
Finally, with the implementation of GST last year, India embarked into a new era of indirect taxes.The response to GST by Indian industries has been a mixed bag. The industry is slowly but surely getting acquainted with the new laws and changes brought to various sectors by it.
In the name of GST, the renowned 40 leading pharmaceutical companies in the country have not only looted the government within five months of GST implementation but also have not deposited tax to the treasury of the government.
The Telecom Regulatory Authority of India (TRAI) has recommended the FM, Arun Jaitley to lower applicable 18% GST on telecom services to 12%.
CBEC formulates the GSTR-3B form which is an interim return consolidating details about outward and inward supplies to be furnished every month from July 2017 to March 2018.
Where the big businesses are continuously appreciating the efforts done by Modi government, the small businesses are sharing another story of discontent.
In a recent notification, the Central Board of Excise and Customs (CBEC) has clarified the doubts on GST (Goods and Services Tax) liability on an under-construction property and ready-to-move-in property.
According to the recent data from the Centre for Monitoring Indian Economy (CMIE) has shown the biggest declines in the home loan growth.
A month ago, the GST Council had reduced the tax rates nearly on 212 items to provide benefits to customers but the Indian citizens are not getting benefits by the slashing rates of GST.
