Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit to Rs. 34,400 crores.
Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit to Rs. 34,400 crores.
Due to continuous GST framework discrepancies, the government’s decision to reduce rates to 8% from 12% for the affordable housing projects seems not appropriate for apartment purchasers.
The initial technical glitches in the GST system were caused because the IT department of GST did not have enough time to build a system as demanded by the GSTN, says a top official.
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.
2017 GST notifications are mandatory for all the relevant and current happening within the goods and services tax regime.
The National Anti-Profiteering Authority (NAA), a constitutional body under the GST, was set up to ensure that the benefits from the GST Rate reductions are passed on to the end consumers.
GST was touted as ‘One Nation One Tax’ since its introduction on July 1st, 2017 GST has undergone many changes both structural and provisional.
The National Anti-Profiteering Authority (NAA) has recently written to IndiGo and Airtel, both of which are market leaders in their respective industries, asking details of the GST input tax credit benefits occurred to the businesses of these entities and whether these benefits have created possibilities for a price reduction to end-consumers.
In the recent 28th GST council meeting, the council has approved a simplified GST return filing form in which it has given the basic principles of the latest return form design.