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A reduction of 12% GST on ‘housing’ to a toll to 5% without any extension in the benefit of the input tax credit (ITC) to developers, would definitely increase the price of the Apartments and would largely affect the Low and the Middle-income Group.
For filing return regularly, the finance ministry made an attempt to force the non-compliant business by banning e-way bill generation which is generated while shifting consignment, if the supplier/recipient of the consignment has not filed the returns for continuously two return cycles under GST (Goods and Services Tax).
In the present fiscal year by Central Goods and Services Tax (CGST) formation (up to December 2018), the inspection in 3626 cases of Goods and Services Tax (GST) violations/ evasion has been started.
Finally the 1% ‘calamity cess’ is official and it will give power to Kerala to levy additional cess till 2 years for the rehabilitation activities being carried out in the state which was earlier hit by the massive floods.
It is worth noting that from starting of the GST era, many of the businessmen who had never filed even a single return of GST were exempted from paying any penalty recently made confusion and partiality views on the government by the businessman who had deposited late filing penalty earlier.
The Prime Minister’s Office urged to the nodal ministries to speed up efforts for bringing all states on one platform in compliance with bringing oil, natural gas, electricity, and coal under the ambit of GST, the goods and services tax.
As per the industry executives, it has come into being that Business Correspondents (BCs) are facing a challenging time under the goods and services tax (GST) regime.
The Finance Ministry has granted permission to the businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019.
Hero MotoCorp, country’s largest two-wheeler maker called for a reduction in GST rates on bikes and scooters to 18 percent which is currently 28 percent.
