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The goods and services tax has made a roadblock for the first ‘green bus’ project initiated on the behest of Union Transport Minister Nitin Gadkari on 6th December 2016.

The Goods and Service Tax was criticised from the very first day for its multiple tax slabs. A major point that was raised in favour of multiple tax slabs in the ‘One Nation, One Tax’ regime was the great disparity in the purchasing capacity of the common Indian citizens.

The National Anti-Profiteering Authority (NAA), a constitutional body under the GST, was set up to ensure that the benefits from the GST Rate reductions are passed on to the end consumers.

Finally, the matter of petrol under GST has reached to the almighty Rajya Sabha of India in which during the ongoing Rajya Sabha session, Dharmendra Pradhan, the Minister of Petroleum & Natural Gas, confirmed that the Central government and the Industry are in favour of bringing petroleum products under the GTS ambit.

The Union Cabinet unanimously accepted amendments in GST laws which will increase the threshold limit for composition dealers to Rs 1.5 crore.

The GST collections for the month of July showed a slight spike further cementing the effectiveness of the E-way Bill. GST accrues for the month stood at ₹ 96,483 crore.

GST return filing is a main component of the overall goods and service tax regime as it aims to bring as many taxpayers within its ambit for a proper conversion of tax scheme into a fully functional economical framework.

GST was touted as ‘One Nation One Tax’ since its introduction on July 1st, 2017 GST has undergone many changes both structural and provisional.

Firms and Businesses with an annual turnover of less than Rs 20 lakh could be exempt from GST Compliance. In a major development, small traders may now need not be registered under GST to supply goods to e-commerce giants like Amazon and Flipkart.