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Recently in the research done by an economic survey which was also presented in the Parliament, Stated About formed structural positiveness in the second thought
The GST Council, in association with the government, is soon going to start releasing the rate lists for different goods under GST. This is to inform buyers about the reductions in the price of products after the implementation of GST.
Now the travel agents who are into the online ticketing business and providing other services on the E-Commerce portals are considered as E-Commerce operators by the CBEC. The GST Council and the Central Board of Excise and Customs decided that the travel agents will have to deduct 1% tax collected at source (TCS) from the customers and will have to deposit it with the tax department.
The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3
The finance minister took a turn in his statement and stated that in the future course of time, the GST rates may be rationalized. The most comprehensive tax regime may see a difference after some time with the scope of rationalization of slab rates 12 and 18 percent into one.
Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST.
Food Chain Companies such as Dominos and Pizza Hut who offer freebies to consumers will suffer huge losses due to the implementation of GST as they are required to pay taxes on free items as well. Packaged products and food service provider companies have stopped their ‘buy-one-get-one-free offers’ immediately after the implementation of Goods and Services Tax (GST) from 1st July.
State Government have to deal with two major issues- First one businesses have to stabilize their operations after the implementation of the new indirect tax regime and the second one to introduce 7th Pay Commission for state employees.
Korean, Automobile Manufacturer Hyundai reported that the company is expecting the growth in Indian Automobile Industry due to the implementation of the new indirect tax regime. Under the previous taxation structure, tax was imposed 8 percent which is nearly double 15 per cent as compared to the new indirect tax regime.
