Since its very introduction, GST has been criticized for increasing compliance burden on the Indian taxpayers.
Powerd By SAG INFOTECH
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Since its very introduction, GST has been criticized for increasing compliance burden on the Indian taxpayers.
Union Cabinet finally approves the GST Network, GSTN to be a government entity as a government-owned company. The Cabinet meeting chaired by Prime Minister Narendra Modi took the decision.
States feared about the adverse effects of the GST taxation in India, which is based on a new rule of ‘One-nation, one tax. The tax collected between August 2017 and June 2018 has been calculated to arrive at a monthly average and surprisingly the collection done in various States have shown a positive result.
E-tailers (a retailer selling goods via electronic transactions on the Internet), are unsure about the impact of the New GST tax collection system especially the TCS, on their business and thus have urged the Government to give some time for getting slowly into the process without hampering their profitability.
Due to the shortage in Revenue collection from some States including Bihar, a panel of experts has been sent find out major challenges.
Not so long ago, India celebrated 100% electrification of villages. A great feat indeed considering the fact we are a fairly developing nation with a robust GDP.
The MSME’s demand for the GST rate cuts could not be fulfilled by the Government and no decisions could be taken in this context in the forthcoming GST meeting which is supposed to be held on 28th and 29th of this month.
GST council has this time laid emphasis on invoices generated for all types of transactions. In this context, a ‘Committee on Invoice’ has been set up and two procedural suggestions are made:
As no verdict has come from the Central government regarding the payment of the accumulated Income Tax Credit amount to the Gujarat power loom weaving sector.