Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Recently, the government announced a straight away cut the GST rates on all the job work related to natural fibres which include woollens and cotton. But it is unexpected that still, the prices of textiles products will be unaffected. Means that there will be same prices applicable which were earlier decided in keeping purview of GST.
The GST Council, in association with the government, is soon going to start releasing the rate lists for different goods under GST. This is to inform buyers about the reductions in the price of products after the implementation of GST.
One of the experts in market studies and industry research stated that the Cess which is introduced in the GST for compensating the loss of the states can possibly be dropped after five years in the lieu of the structured tax system which will otherwise fulfill the revenue of state government.
The tax returns of GST, Goods and service tax is open for filing from today itself by GSTR 3B form. The CEO of GSTN network Mr Naveen Kumar states that the facility of filing the taxes of GST for taxpayers for the first return will be open till 20th August starting from today that is 5th of August.
The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3
Recently, the Lok Sabha made another step towards implementation of GST across the nation by passing two significant bills to the Jammu & Kashmir. There were two bills passed by the lower house in which it includes Central Goods and Services Tax (Extension to Jammu and Kashmir), Bill, 2017 and the Integrated Goods and Services Tax (Extension to Jammu and Kashmir), Bill, 2017.
Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST.
India’s biggest tax regime i.e. Goods and Services Tax (GST) has been implemented in the country from the 1st July 2017. But, with the roll out of this taxation regime, there is also an immediate medium is required to counter the problems faced by the taxpayers and to resolve the discrepancies found, on a regular basis through Audit.
The Central Board of Excise and Customs (CBEC) has clarified the confusion on tax rates of Sarees. The statement stated that whether designer sarees or embroidered, will impose a five percent tax rates under the new Goods and Services Tax (GST).
