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The new Goods and Services Tax Regime (GST) is being paid by the small and marginal farmers in Odisha to dig the wells under the MGNREGA schemes.
Several warnings from industry officials were ignored by the government in respect of complex taxation reform. GST Network, an Information Technology (IT) backbone required to handle all the activities of Goods and Services Tax (GST) Reform was not ready for the launch, said some of the officials.
The goods and services tax has proved to be a problem for even states too as the latest news from the finance minister of West Bengal Amit Mitra has confirmed. The minister said that there is a revenue shortfall of around 39,000 crores in the first four months of revenue collections which is much less than estimated.
Goods and services tax is now half a year old and still demanding necessary changes to be implemented as soon as possible according to the advisory group of GST which is activated for the vigilance for any differences and demands of GST accordingly.
To make the GST refund procedure fast, The Engineering Export Promotion Council (EEPC) has welcomed the foreign trade policy which analyses in terms of the mid-term review. The EEPC has named the policy as faster clearance of the Goods and Services Tax (GST) refunds.
Petroleum Minister Dharmendra Pradhan pressed that the natural gas must be brought under the Goods and Services Tax (GST) System. Pradhan said, ‘Natural gas is a cleaner fuel than coal. If coal can be brought under 5 percent GST, then why not natural gas?’ He would discuss in this matter with the Finance Minister Arun Jaitley, said Pradhan.
Arvind Subramanian, Chief Economic Advisor, said moving upward, the GST rate brackets would reduce in number and products like petroleum are expected to come under the ambit of Goods and Services Tax in relation to the collaboration of the states on the issue.
What can be more peaceful before Gujarat assembly elections, where the Union Finance Minister Arun Jaitley has ensured the Gujarat’s textile community to solve problems faced by taxpayers in Goods and Services Tax(GST) filing procedure.
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.
