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The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.
In a recent move implemented by the Finance Ministry, the GST Council has allowed business entities that they can rectify their mistakes in GSTR-3B return form and adjust tax liability without fear of tax penalty.
Iron Handicraft industry, which exports products to foreign countries and earns foreign currencies in crores, is in dilemma after Goods and Services implementation as due to various anomalies in IGST and GST, they are suffering from an economic slowdown.
The Telecom Regulatory Authority of India (TRAI) has recommended the FM, Arun Jaitley to lower applicable 18% GST on telecom services to 12%.
From last few months, the government is working upon to hike the cess on luxury vehicles from 15 percent to 25 percent and now finally, a bill has been approved by the Lok Sabha which has made the cess on luxury cars at 25%.
It has been around 6 months since GST was implemented in the country, some of the taxpayers have claimed that their data is merging with the others at the GSTN Portal. In respect of this, the Information Technology department is blaming that the taxpayers are registering with multiple entities at a time.
The government is taking strict actions against those traders who are taking the Goods and Services Tax Reform (GST) lightly.
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.
After the GST implementation, many changes have been taking place to make it a better tax reform in India. As Goods and Services Tax Network (GSTN) is the IT foundation of the newly integrated indirect tax regime, the GST council is putting efforts to make it more compatible according to taxpayers.
