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The Government has released the Anti-Profiteering Complaint Form for the consumers who want to lodge grievances against businesses for not giving the benefits of reduced taxes under GST regime.
Even though the government is claiming that in the GST, exporters started receiving online refunds, but the reality is different.
1 November 2017, the Delhi High Court released a notice to the Centre in consideration of a Plea by Honda Siel Power Products Limited, questioning the constitutional validity of setting down a higher rate of GST on kerosene and petrol engines as compared to diesel engines.
The demand for Tax professionals is increasing day-by-day not only in India but also in foreign countries, as VAT is going to be implemented in UAE from 1st January 2018. However, tax Professionals in India are complaining about the complex taxation system of GST but they themselves becoming an expert in handling the complexities.
As expected, India’s first union budget after GST rollout and the government’s last budget in this session is about to be presented on February 1 by the Finance Minister Arun Jaitley.
Petroleum Minister Dharmendra Pradhan pressed that the natural gas must be brought under the Goods and Services Tax (GST) System. Pradhan said, ‘Natural gas is a cleaner fuel than coal. If coal can be brought under 5 percent GST, then why not natural gas?’ He would discuss in this matter with the Finance Minister Arun Jaitley, said Pradhan.
The tweaks in GST tax rates affected the revenue collection of the government. The total calculated loss stands at Rs. 10,000 Crore comparing the last month collection. Finance Ministry told that the collection received till 27 November generated Rs. 83,346 Crore while the collection was of Rs. 95,131 Crore in October and Rs. 93,141 Crore in September.
Arvind Subramanian, Chief Economic Advisor, said moving upward, the GST rate brackets would reduce in number and products like petroleum are expected to come under the ambit of Goods and Services Tax in relation to the collaboration of the states on the issue.
The government certainly reduced Goods and Services Tax (GST) rates on 178 items in the last week, but businesses are searching for some confusing ways to not transmit the profits to the customers.
