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The new Financial year has begun amidst concerns for consecutively decreasing GST Revenues. Though the Government and the GST Council must have had a sigh of relief on Sunday after e-way bill platform was successfully launched post the disastrous first attempt on February 1st this year.
Electronic Bill or the e-way bill will come into effect from April 1, 2018. E-way bill is an important step towards India’s dream of becoming a digitally driven Tax Economy.
Instead of all earlier claims of the government that the new indirect tax would make taxpayers be more responsible in paying taxes, the number of taxpayers filed the returns in the seven months reveal the very different story.
The PHD Chamber of Commerce and Industry recently asked the GST council to lay some rest over the GST rate on the affordable housing. Currently, the housing schemes are accompanied by 8 percent GST on the chamber demands a lower 5 percent instead.
In a welcome move by India’s Insurance sector regulator, the IRDAI, a total of 24 schemes due for reinsurance were exempted from the ambit of the GST.
The Goods and Services Network which plays an important role as GST IT backbone was established on 28 March 2013. On completing five years, Prakash Kumar, chief executive officer mentions the challenges, technological glitches, and criticism faced by the GSTN throughout.
The GST was supposed to make Indian Taxation System Good and Simple. But after more than eight months down the line, it seems that the new GST regime is marred by technical glitches and operational complexities.
Hence, traders and business owners are now setting aside funds to cover risks and ensure frictionless business operations which in all probability may be hampered by the freezing of their input tax credits.
The biggest tax reform in the history of Indian Taxation was rolled out on the midnight of July, 1st 2018. It has been more than 8 months since then and slowly but steadily we are seeing the after effects. More than 68,000 companies have been registered during the period.
