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The National Anti-Profiteering Authority (NAA) has recently written to IndiGo and Airtel, both of which are market leaders in their respective industries, asking details of the GST input tax credit benefits occurred to the businesses of these entities and whether these benefits have created possibilities for a price reduction to end-consumers.
GST (Goods & Services Tax) Officers in states and UTs will soon reach out to businesses, traders and industries in order to understand the prevailing GST issues with which these businesses are struggling.
The new/updated return filing form, which is based on the suggestions and recommendations for making the GST return filing process easier for taxpayers, already got its approval from the GST Council last week.
The new GST (Good and Service Tax) rates officially effected from the midnight of 26 July 2018, after a recent reduction in the tax rates of consumer durables and sanitary napkins.
With the reduced GST rates, the paint industry is about to witness a growth between 10% to 15% in FY 2018-19, as compared to 9% growth in the FY 2017-18. This is due to lowered GST rates by 10 percentage points, as mentioned by an official.
Soon the Special Economic Zones Rules 2006, to comply with goods and services tax compliance after the much conclusive 28th GST council meeting.
The GSTN portal is currently going under discussion to bring a very easy GST to return filing solution based on common SMS facility which will further ensure ease in GST returns filing procedure.
The Confederation of Indian textile industry chairperson stated that the factors such as an increase in import taxes on textiles and reduction of GST rates on synthetic clothes will surely boost the domestic cloths industry.
The home minister Rajnath Singh has assured that the central government is still open to consider any GST rate reduction in the view of recent 28th GST council meeting decisions.
