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After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.

In the recent 34th GST council meeting there were a lot of changes brought into the real estate sector regarding the rate cut over under construction properties. However, the finance minister has assured that the next meeting agenda would be cement rate reduction.

Once logging to the GST portal, the taxpayer is facilitated by TDS and TCS credit received which could be filed by all the taxpayers who are a success in making a specified limit of sales on the e-commerce platforms and not necessary but are indulged in any kind of works contract with Government departments.

A total of 2 new features have been added on the official website i.e., Goods and Services Tax Network ( GSTN ) which includes System Generated Acknowledgement of Application of Appeal and the Population of Data from EWB System into Form GSTR-1. 

Shipping industry under GST regime has suffered a lot and to understand this we may further try to reach the reason. GST has given many positive results but just at International level while domestic ones have not witnessed any advantage.

GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.

There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.