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Shipping industry under GST regime has suffered a lot and to understand this we may further try to reach the reason. GST has given many positive results but just at International level while domestic ones have not witnessed any advantage.
Here, we are going to provide you with the format of GST PMT-06 (payment form) and it is necessitated to generate the challan after making the payments of tax under GST.
GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.
The deadline to file the Annual returns for the Financial year 2017-2018 under GST has been now extended by the Government to March 31, 2019, which was earlier December 31, 2018.
A common GST quiddity has been the increased compliance burden on many small and medium-sized enterprises (SMEs). In this light, the GST Council’s recent decision to allow composition dealers under GST to file one annual return along with a simple declaration is more than just a welcome move.
The Commerce minister Suresh Prabhu on Wednesday made an appeal to the Finance Ministry that the process of refund of GST input tax credit should be made online.
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.
The 31st GST council meeting held on 22nd December 2018 has taken some key decisions over the GST return forms and highest GST slab rate. The items coming under the 28% GST slab rate basically includes the common man’s items which were earlier in the news for a rate reduction.
