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Around 70% of the total 1.1 crores registered businesses have been filing regular returns within the deadline, confirmed GSTN CEO Prakash Kumar.
India doing well in the ease of doing business criteria means an increase in foreign investments but India’s domestic industries are still getting at ease with GST.
Goods and services tax is a major tax structure implemented through India with a scope of tighter compliances and revenues for the government. In the wake of this fact, many of the GST officials are trying hard to account for every taxable transaction.
The GST department has launched an investigation to determine the reasonability of the 100% refunds claimed by banks on GST paid on vendor services for ATMs.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, had a few months back asserted that Insights From GSTN Data Could Drive Economic Decisions.
GST E-way Bill which is implemented starting 1 April for interstate and 15 April for intrastate transportation of Goods will see some relief as the apex authority can simplify the verification process.
In the line of errors, businesses are facing while filing their returns with the GST Network, one very common error is of typos.
It is expected that the goods and services tax can touch a skyhigh of 95000 crores of revenue collection this March 2018 when the return will be filed by April 20.
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.
