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The central government, under the guidance of the Goods and Services Tax (GST) Council, has exempted the late-filing penalty for all registered taxpayers who were not being able to file GST-3B return by the due date.
Adverse effects of GST(Goods and Services) regime can be clearly seen over handicraft industries. Census data says there is a huge downfall in handicraft industry from 1996 to 2010. The growth has slashed by approx. 53% which is a drastic price change we can see on hand-made products. Apart from this, the new tax framework also intercepting the growth of the industry.
The finance minister, Arun Jaitley, showed the concern for common people in understanding the different slabs in the new indirect tax in India summit organised by The Economist in New Delhi.
The GSTR 4 form is a quarterly return form for those taxpayers who have opted GST Composition scheme in the new indirect tax regime. Under the GST composition scheme, taxpayers will be required to file one only return in every three months (quarter) rather than three returns in every month.
GSTR-3 is a monthly return we file after GSTR-1 and GSTR-2. Where GSTR-1 contains the information of outward sales, GSTR-2 contains the detailing of inward sales or supplies, GSTR-3 is simply a return based on the information of GSTR-1 and GSTR-2.
It is expected that the newly implemented Goods and Services Tax (GST) bring down the prices of real estate projects but it has not happened nearly two months since GST was implemented in the country.
GST has rolled out on 1st July 2017, now the impacts are explicit on medicine prices. Currently, applicable GST rates on medicines are put in four categories: GST at 0%, 5%, 12% and 18%.
The GST TRAN 1 form is transition form for the already registered taxpayers in old schemes who are filing the GST TRAN -1 form for availing their previous input tax credit accumulated from earlier purchased stock before the implementation of the GST.
In his recent statement to the media, Bijay Kumar, Chief Commissioner of GST, Central Excise and Customs, Kolkata Zone, believes that the recently implemented Goods and Services Tax would bring down the costs of goods, in addition to bringing in transparency to the tax system.
