Powerd By SAG INFOTECH
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As per a message recently tweeted by the Ministry of Finance, the net direct tax (income tax, etc) amount collected for the financial year 2017-18 is over Rs 10.03 lakh crore, with a year on year growth of 18%, which is the highest in the past 7 years.
The Goods and Service Tax or the GST will complete one year on July 1st, 2018. In this period, a number of provisions which were part of the original draft for GST were put on hold at the behest of requests from Industry leaders and experts to reduce the burden of Tax compliance.
Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.
The Union Cabinet gave its consent for establishing a National Anti-Profiteering Authority under GST regime as it wants to make sure that the benefits of slashed prices under GST regime reach to common men.
On Wednesday, Union Finance Minister Arun Jaitley said that the GST Council members will discuss to be included real estate sector under the newly implemented Goods and Services Tax (GST) Regime.
GST intelligence Arm, Directorate general of Goods and Services tax intelligence, has been newly created for the purpose to regulate the money laundering cases in the gems and jewellery sector under the Prevention of Money Laundering Act, 2005.
The Surat textiles industry is protesting for newly introduced Goods and Services Tax Regime and demanding for GST exemption on fabric and textiles.
Previously, Chairman of Central Silk Board K.M. Hanumantharayappa had requested to the government to cut down the taxation rates from 5 percent to 2 percent on silk yarn and fabric. Now the Central Silk Board has announced that the GST implementation will not increase the silk prices.
The government has this time to have an increased Tax to GDP ratio by 12 percent in coming two years by FY20. For this, the authorities will be having benefits of newly implemented GST and the thorough cross checking of accounts with their taxpayers.
