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We accept that the GST implementation slowly but reduced the drawbacks of the previously formulated tax collecting procedure. The Government is penetrating full-efforts to overcome loopholes in GST mechanism.
The Government has released the Anti-Profiteering Complaint Form for the consumers who want to lodge grievances against businesses for not giving the benefits of reduced taxes under GST regime.
The positive and negative impacts of the implementation of the Goods & Services Tax in India are visible in almost every major business sector of the country.
The Indian Government has sent letters to Fast Moving Consumer Goods (FMCG) companies and industry stakeholders to revise the MRP on existing stocks and must clearly show the difference that there is a reduction in GST rates has made.
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.
Goods and services tax has been proving a mixed concentration for the Indian business industries as from the time of implementation, its effects are widely known to be a combination of both good and bad.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
The GST council has offered a relaxation to all the FMCG companies which are into taking advance from the dealers and stockists before supplying the goods to the market by exempting them from GST on all such kind of advances.
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.
