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Amit Mitra, West Bengal Finance Minister, has communicated through a letter to Union Finance Minister Arun Jaitley requesting him to organize an urgent meeting of the GST officials to solve the problems being faced by small taxpayers, especially the problems relating to the technology or IT network.
GSTR 2 is a tax return form that is used for filing the details of inward supplies of goods or services for taxation purpose. The form will be filled online on the GST portal after registration
The GST Council has released GST return forms which are duly filled up every month for the return purpose. Along the 11 return forms, there are three forms which are considered to be significant and are to be filled up every month regularly. However, the forms are equal to everyone and include all the traders and merchants alike.
Goods and services tax has a direct effect on the exports of India as many of the revenue subjects are associated with the industry.
It is a cleared by the government to the trading communities that the piece of cloth invites only 5 percent GST but if the retailer sells that cloth, after binding and stitching it into a suit, may also attract a tax rate of 12 percent. This ensures that the different variety of clothes and their making will also reflect different slab rates on the clothes sold.
Recently, the government announced a straight away cut the GST rates on all the job work related to natural fibres which include woollens and cotton. But it is unexpected that still, the prices of textiles products will be unaffected. Means that there will be same prices applicable which were earlier decided in keeping purview of GST.
The GST Council, in association with the government, is soon going to start releasing the rate lists for different goods under GST. This is to inform buyers about the reductions in the price of products after the implementation of GST.
The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3
Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST.
