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Strict actions have been taken by the government against 17,527 alleged tax evaders first time in six months since the introduction of the Goods and Service Tax Regime (GST).
GST e way bill is now a reality as the GST council has decided to uplift the e way bill into action from starting 1st February 2018. A GST e way bill is a mandatory document for all the logistics transactions with value more than INR 50,000 while transportation by road and air (within India).
Karnataka has proved to be well dependant on its own by giving an example of perfectly scrutinized GST tracking systems. Recently when GST revenues dipped down to a concerned level, the government has sought some information regarding the proper implementation of GST regime in the state of Karnataka.
The Digital camera makers Canon, Nikon and Sony requested the government to eliminate digital cameras from the 28% GST slab which is highest considering all brackets, and this move will be favourable to India’s assertion to the Information Technology Agreement to reassure lower tax levy.
The government is totally in action against the possible tax evaders as recently the GST department in Mumbai has confiscated as many as 90 parcels of gold ornaments in a possible suspect of tax evasion supplies.
The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.
Coaching Centers in India are an industry on their own. Ask a parent and you would know how costly private tuitions are.
With the increasing fear of declining GST collection, the government can change the procedure of the Invoice Matching system. In consideration of this move, the invoice matching is not done by the assessee but it will be done by the tax department itself.
Finance Ministry Arun Jaitley said that it is not possible to implement a single GST slab rate in the diversified country like India because the substantial population in the country are from below poverty line (BPL), so the process of different slab rates under GST will continue in India.
