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Experts stated that transition from old tax regime into new Goods and Service Tax (GST) Regime has adversely influenced the smartphone shipments specifically in the month of June.
Madurai Collector K. Veera Raghava Rao along with many top tax officials attended the one-day awareness programme in the city which was organised for the benefit of traders and stakeholders of the GST.
Now the business entities can upload their daily invoice details or account statement including sale and purchase of goods and services at the portal, as GSTN portal has started uploading invoice details.
Central Board of Excise and Customs (CBEC) has declared first-month revenue data after the implementation of the Goods and Services Tax Regime.
Tax Department officials continuously keeping an eye on the prices of goods and services after the implementation of the new indirect tax regime in the country. Manufacturers of consumer goods, mobile handset companies, and food chain restaurants have received the call from tax authorities department to provide invoice details before and after GST.
Finance Minister of Jammu and Kashmir Haseeb Drabu on Monday has decided the operational target, traders in the state are required to migrate in the new regime by mid of August as well as he provided the guidance to the administration to implement the new regime successfully.
The goods and services tax has been into the economic structure of the nation from the last two weeks and now it’s time to review everything for a better control in upcoming prospects. The GST Council will be meeting today to have an overview of the goods and services and all the work done by the tax scheme.
GST has been implemented in India and is now making all the businesses compatible with it rapidly. Recently, a new announcement has been made by the GST Network, according to which, every small business across the country with the turnover of up to Rs 75 lakh can opt for composition scheme under Goods and Service Tax regime by July 21.
The GST regime is a new way tax by the means of filing returns, tax brackets and classifications. The new scheme of tax will still take some time to get easy within the structure of the Indian economy and taxpaying community. People are under the confusion and dilemma over various points being introduced within the wide prospect of GST.
