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Electronic Bill or the e-way bill will come into effect from April 1, 2018. E-way bill is an important step towards India’s dream of becoming a digitally driven Tax Economy.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, asserted the need for clear protocols for GST data sharing by government departments.
The low turnover limit has brought new dealers and traders under the ambit of GST. Depending on their previous tax compliance stature, Registered and non-registered taxpayers under the previous tax regime have to file TRAN-1 or TRAN-2 forms to claim a transitional credit on their stock of inputs, semi-finished goods or finished goods when GST came into force.
The Goods and Services Network which plays an important role as GST IT backbone was established on 28 March 2013. On completing five years, Prakash Kumar, chief executive officer mentions the challenges, technological glitches, and criticism faced by the GSTN throughout.
The GST was supposed to make Indian Taxation System Good and Simple. But after more than eight months down the line, it seems that the new GST regime is marred by technical glitches and operational complexities.
The current financial year is in its last week.This fiscal year witnessed a complete overhaul of the previous taxation policy.
Hence, traders and business owners are now setting aside funds to cover risks and ensure frictionless business operations which in all probability may be hampered by the freezing of their input tax credits.
The GST Council may soon pass on a proposal to allow businesses with zero (nil) tax liability for six continuous months to file GST returns bi-annually.
The Goods and Service Tax (GST) implemented on July 1, 2017, by the government and the states governments would get the compensation for five months as announced, it was reiterated by the Panneerselvam while introducing the budget 2018-2019 in the assembly meeting.
