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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.
Recently the central government made an amendment into the legislation on the compensation cess under GST which made the centre very rightful in claiming a stake in ‘the unutilised (amount) in the Fund at any point of time in any financial year during the transition period’.
According to the Indian tax department’s understanding, India-based back offices of multinationals are just brokers and commission agents just rendering services while not coming into the definition of exporters.
A very significant month has arrived for all the taxpayers under GST i.e. September as it will be the last month for the taxpayer to claim any pending credits for the invoices issued between 2017-18 time period and to rectify any error in the return form of the year.
Global locomotive maker which have put billions of dollars for Make in India programme of the government railways such as Alstom, Bombardier, and GE has sought to influence the finance ministry for the challenges faced under the new Indirect tax regime.
Group of Ministers are expected to hold a meeting on 8th July for final discussions over reverse charge mechanism and tax discount on the digital payments under GST.
The Goods and Service Tax or the GST will complete one year on July 1st, 2018. In this period, a number of provisions which were part of the original draft for GST were put on hold at the behest of requests from Industry leaders and experts to reduce the burden of Tax compliance.
In a bid to curb tax evasion, the government has finally decided to take a step ahead in the direction of implementing reverse charge mechanism provision. For this, there will be a meeting of a group of ministers GoM scheduled on 16 April.
The government has asked businesses to enroll for e-way bill ahead of roll-out from April 1 because only 11 lakh businesses and transporters registered for the platform yet.
