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Currently, the investigation has been done by the tax officials under which the officials have observed that the pharmaceutical companies have claimed the input tax credit (ITC) for free samples being offered by them as a promotional activity.
Narendra Modi said that the process of simplifying the GST (Goods and Services Tax) is going on and the government wants to bring the 99% items to the 18% slab.
GST rate rationalization will be the prime agenda for the 31st GST Council meeting on December 22nd. The Saturday’s meeting might witness 28 percent GST rate on computer screens and power banks slashed to 18 percent.
After implementation of GST, approx. Rs 320 are saved every month by an average Indian household on the purchase of the daily household goods like edible oil, cosmetics and cereals said a finance ministry source mentioning the survey of consumer expenditure data.
According to a senior government official, GST evasion worth Rs 12,000 crore has been recorded in 8 months between April and November.
Petrol and diesel will not be included under GST (Goods and Services Tax) until and unless the income under the GST reign strengthens said the former chief economic adviser Arvind Subramanian.
Good news for Indian Consumers!!. A major GST Relief may be announced on December 17 following the GST Council’s Meeting. Reportedly, the most goods (except demerit goods, cement, and automobiles) part of the 28% GST Rate slab could be brought under the 18% Tax slab.
According to the polls, it has been ascertained that the center may postpone the new format of GST return filing developed for simplified monthly returns for the Goods and Services Tax (GST).
The lenient non-filers and nil filers of GST returns will have a one-time amnesty scheme from the government to deregister the GST (Goods and Services Tax) Council.
