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According to Amitabh Kant, CEO of NITI Aayog, top renowned oil companies such as Reliance Industries want petroleum products must be brought under the Goods and Services Tax (GST) Regime.
It is anticipated that the government might reduce the tax rates of items or products falling in the highest slab category i.e., 28 percent.
GST council revised the GST rates and took major decisions in a recent meeting to help small businesses and exporters. Now, the Council is not in a mood to further twist the GST rates.
After GST implementation, it may be on air that small businesses burdened with the tax but the initial report is not favouring the same.
Transporters have decided to go on strike on 8th and 9th October as they are frustrated by the frequent changes in GST rates and diesel prices.
Definition Of AAR Under Section 100 Of The CGST Act, 2017: An Authority For Advance Rulings (AAR) is a platform to resolve the doubts regarding Goods and Services Tax on questions specified under CGST act.
Online GST registration application is an essential step under GST regime for every taxpayer or business owner whose annual turnover is above 20 lakh.
The government has started preparing to take new steps against the tax evaders and illegal traders under the GST. While the talks for the formation of GST regulator and monitoring of anti-profiteering committee may end very soon.
Exporters and industry bodies pretend their problems related to the Goods and Services Tax (GST) such as full exemptions, timely refund of duties and easier compliance to Finance Minister Arun Jaitley.
