Powerd By SAG INFOTECH
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Free supplies of goods and services have been frequently used by the businesses to promote their products in the market. The situation arises when the receiver/ buyer tries to obtain good quality material at a bargained price in the market.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
After the implementation of GST, it was significant to the under various provision regarding the ITC availability in the matter of sale and purchase of capital goods under the goods and services tax regime.
On Tuesday, 10th October Sudhir Mungantiwar, Finance Minister of Maharashtra declared that all states have agreed to include petroleum and diesel products under the newly implemented indirect taxation system i.e. GST.
Out of 65 lakh taxpayers, it is now evident that only 40 lakh taxpayers have filed returns under GSTR 1 for the month of July.
After GST implementation, it may be on air that small businesses burdened with the tax but the initial report is not favouring the same.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
Goods and services tax which got implemented from July 1st seems to have taken a lot of margin from the telecom companies, in spite of earlier accidents occurred with the Reliance Jio which have taken a large chunk of profits out of the earlier established telecom firms.
Exporters and industry bodies pretend their problems related to the Goods and Services Tax (GST) such as full exemptions, timely refund of duties and easier compliance to Finance Minister Arun Jaitley.
