When GST was introduced last year, many skeptics seemed surprised by its complex framework. However, a year later, the GST has undergone a cosmetic makeover of some sort.
Powerd By SAG INFOTECH
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When GST was introduced last year, many skeptics seemed surprised by its complex framework. However, a year later, the GST has undergone a cosmetic makeover of some sort.
Seeking problems faced by taxpayers in GST filing, GST practitioners have come forward in order to form a Joint Action Committee (JAC).
The two-day tax conclave will be held in Ahmedabad on July 14 & 15. The meeting will be attended by around 200 tax practitioners from over 26 Indian states who will discuss the ongoing issues of Goods and Services Tax (GST).
The next GST Council meeting is all set to be held on July 21, 2018. Among many issues to be discussed in the meeting, one is related to the reduction of GST rate on various products and services, especially the ones which do not add much in terms of revenue to the government.
Arvind Subramanian, Chief Economic Advisor India mentioned in a statement that introducing a single GST rate is not relevant in India instead a three slab GST rate framework is a better option for stabilizing the revenues.
The recent proposals made by the government in the GST Law are expected to provide solutions for various ongoing GST issues for which companies and associations have filed writ petitions in the court.
Recently the Maharashtra government announced that it will request the central government to look through the goods and services tax on butter and ghee.
The government has recently proposed 46 new amendments to the GST law (central GST, state GST, and integrated GST) and revenue compensation law.
In a meeting held of the finance ministers of various Indian states for reviewing of the GST reverse charge mechanism, it has been recommended that section 9(4) of the CGST Act, 2017 should be deleted.