Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
To promote digitization in the country, the Government is planning to provide 2% relief over the applicable GST tax rate in case of making payments through digitization mode, when the is bill up to Rs 2,000. This means an individual will have to pay less amount if the payment is done through digital mode.
Taxpayers have requested the government to permit more time for filing the tax returns, invoices and payments of July month after the implementation of the Goods and Services Tax (GST).
Newly, implemented Goods and Services Tax is ushering some unplanned advantages for the financial institutions or banks. Several Financial Institutions such as ICICI Bank, Axis Bank, and DCB Bank, are now providing new services to companies to file their monthly tax returns under the GST by availing bank websites.
In his recent statement to the media, Bijay Kumar, Chief Commissioner of GST, Central Excise and Customs, Kolkata Zone, believes that the recently implemented Goods and Services Tax would bring down the costs of goods, in addition to bringing in transparency to the tax system.
According to a top official, so far nearly 20 lakh businesses have paid returns online and it is expected that about 30 lakh businesses will pay first month returns before the deadline of 25th August.
According to the report, 11 states across India would demand the compensation of revenue loss from the Central Government after the implementation of the Goods and Services Tax (GST) Regime.
According to a blog published on Asian Development Bank’s website, the lower and lower-middle income class people will get benefited from the recently implemented Good and Services Tax (GST) Regime in India. It is expected that the new regime reduces the tax rates on goods.
According to tax officials, the Government has so far collected around Rs 42,000 crores in the form of taxes in the first-month of returns filing under the new indirect tax regime.
The GST Council has released GST return forms which are duly filled up every month for the return purpose. Along the 11 return forms, there are three forms which are considered to be significant and are to be filled up every month regularly. However, the forms are equal to everyone and include all the traders and merchants alike.
