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In a recent move implemented by the Finance Ministry, the GST Council has allowed business entities that they can rectify their mistakes in GSTR-3B return form and adjust tax liability without fear of tax penalty.
The composition scheme meant to make the GST compliance easier but the government suspects that this scheme has been misused by the small business enterprises (SMEs) by an average quarterly turnover approximately Rs 2 lakh.
The deadlines for filing GSTR- 1 sales returns of July-September quarter have been extended by the GST Council for more 10 days till 10th January 2018, earlier it was 31st December 2017.
From last few months, the government is working upon to hike the cess on luxury vehicles from 15 percent to 25 percent and now finally, a bill has been approved by the Lok Sabha which has made the cess on luxury cars at 25%.
According to the official experts, some of the companies are facing problems related to product categorization under the new indirect tax system.
Banaras Hindu University and its affiliated colleges, Vasanta Rajghat, RGSC, Arya Mahila and DAV degree college will be including GST as the part of the study from January 2018.
After the GST implementation, many changes have been taking place to make it a better tax reform in India. As Goods and Services Tax Network (GSTN) is the IT foundation of the newly integrated indirect tax regime, the GST council is putting efforts to make it more compatible according to taxpayers.
The goods and service tax impact on ceramic tiles is basically neither too much high nor completely relaxed. Somany Ceramics Ltd.
According to the official sources, Those taxpayers failed to file returns under GST would get an official notification from the government very soon. The government is ready to issue notices to GST defaulters.
