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In a welcome move by India’s Insurance sector regulator, the IRDAI, a total of 24 schemes due for reinsurance were exempted from the ambit of the GST.
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.
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 biggest tax reform in the history of Indian Taxation was rolled out on the midnight of July, 1st 2018. It has been more than 8 months since then and slowly but steadily we are seeing the after effects. More than 68,000 companies have been registered during the period.
Finally, the 29 Indian States, it seems, has come to a mutual agreement on bringing petroleum-based products under the Goods and Services Tax (GST) radar.
In a setback to those firms resting in the northeast, the government has cleared that there will be no tax exemptions for the hilly states and northeastern regions under GST.
The impact of goods and services tax on the Indian army is very deep and has taken the overall debt up to 5 thousand crores. As earlier it was known that the Indian army lacked basic necessities like ammunition, arms, assault rifles, battle tanks and bulletproof jackets, now it is again under the burden of […]
The hassles of filing GST returns may soon be turned as an easy and convenient process as the GST council is discussing upon diversification of GST filing due dates.
