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For starters, a trade deficit is a measure of a particular country’s trade balance i.e the value of a country’s exports and its imports.
It is a good news for private ITI students as the government has removed GST on those ITI trades (courses) which come under the Apprentice Act 1961.
Recently, due to the high load of GST return filing, GST council members have decided to extend the GSTR 3B due dates for the month of January 2019 to 22nd February 2019 from earlier 20th Feb 2019.
In a ruling made recently, the Maharashtra Appellate Authority for Advance Ruling for Goods and Services Tax (AAAR-GST) has decided that Input Tax Credit (ITC) is not available to CMS Info Systems on purchase of motor vehicles for the sole purpose of carrying cash to be used by cash management companies and supplied as scrap thereafter.
The NAA or National Anti-Profiteering Authority was set up with the sole purpose of ensuring benefits from GST rate reductions reaches the common taxpayer
The Government has clarified that necessary items part of baby bags will be levied 18% GST. This comes after a few manufacturers had sought to pass wet baby wipes under a different GST code as non-woven textile material.
The anti-profiteering authority of the goods & services tax (GST) is closely inspecting the top manufacturers of sanitary pads including Johnson & Johnson (J&J) and Procter & Gamble (P&G) to see whether they are passing on the GST price reduction benefits to the buyers/consumers of sanitary napkins or not.
Post-July 2018 (one year of GST), there has been a genuine effort by the Government and the GST Council, in particular, to cut down on the burden that GST rate has had on the common man’s pocket.
The GST return filing process along with the return forms are set to get revised soon. The GST Council has already approved the new return filing structure, which is now under consideration in the ongoing session of Parliament.
