It has been more than nine months since the GST was launched in India, but businesses it seems are still finding it difficult to get their head around India’s new indirect tax regime.
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It has been more than nine months since the GST was launched in India, but businesses it seems are still finding it difficult to get their head around India’s new indirect tax regime.
GST was a complete overhaul of the existing taxation system in India. Powered by the GSTN Network, it was India’s first big step towards a true digital economy.
Input Tax Credit is the lifeline of GST Revenue generation as well as ensures the smooth business functioning of private business firms and taxpayers.
A load of previously imposed 12% GST on the houses of the low wage groups has been reduced under the Pradhan Mantri Awas Yojana. After the notification of central government, approximately 30 thousand families in Lucknow have to pay low taxes.
Yanamala Rama Krishnudu, Minister of Finance and Planning for the State of Andhra Pradesh and also a senior politician from the TDP, has raised concerns over the effectiveness of the GST.
The new Financial year has begun amidst concerns for consecutively decreasing GST Revenues. Though the Government and the GST Council must have had a sigh of relief on Sunday after e-way bill platform was successfully launched post the disastrous first attempt on February 1st this year.
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.
Instead of all earlier claims of the government that the new indirect tax would make taxpayers be more responsible in paying taxes, the number of taxpayers filed the returns in the seven months reveal the very different story.
The PHD Chamber of Commerce and Industry recently asked the GST council to lay some rest over the GST rate on the affordable housing. Currently, the housing schemes are accompanied by 8 percent GST on the chamber demands a lower 5 percent instead.