Powerd By SAG INFOTECH
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Confusions were prevailing in the Food industry and baseless inceptions were being drawn regarding the Sweet shops, as should be considered amongst the dine-out eatery or not. It is the GST Council which had to finally plunge in this scene and the GST Appellate brought the clear picture.
The government introduced the new GST return SAHAJ form (GST RET-2) for taxpayers with certain conditions. This certain points will be applicable to the taxpayers having turnover up to 5 crores and is optional for them to file.
The GST Council has officially unveiled three new GST return forms, named GST RET-1 (Normal), GST RET-2 (Sahaj) and GST RET-3 (Sugam).
Recently the GST council and GSTN offered normal GST RET 1 (Return) Form with revised details for all the normal taxpayers.
Automobile dealers have anticipated the reduction in liquidity due to the modifications in GST laws. The Federation of Automobile Dealers Association (FADA) has written a letter to the Prime Minister’s Office, Finance Ministry and GST Council, expressing the resentful effect of the addition of section 49A to CGST law on their cash flow.
India Inc, the service sector including the Government and the Corporate sector, has got a hint regarding tax rebate from the Finance Ministry.
Through a recent announcement, the real estate sector witnessed huge leverage in the GST charged on its various segments.
GST revenue collection has again fallen down in numbers for the Month of February. The month witnessed a lower GST collection of Rs 97, 200 crores against Rs 1 lakh crore which has been collected in the month of January.
The recent decisions made by the GST council related to levying 1% CESS in Kerala owing to disaster relief and removal of the input tax credit from the real estate sector are somewhat unsatisfactory.
