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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
It is a difficult time for numerous sectors across the nation as the GST is trying to cover up all those into strict compliance. With this into effect, the bicycle industry is also under the problems of tax rates and input tax credit all at once.
GST is an acronym of Goods and Services Tax, it was introduced on 1st July across the country. New indirect tax regime, replaces several complex taxes such as Value Added Tax (VAT), Service, Octroi, Excise levied by the Central as well as State Government. Within the few days of implementation of the new indirect tax regime, the government is getting the good response from it. Initially, the Government, business entities, and traders have to face some issues with the newly introduced of Goods and Services Tax Regime (GST) but for the long purpose, it will definitely beneficial for the country as well as the Government.
India’s Largest Automobile Manufacturer Maruti Suzuki on Thursday has announced that the company has earned a net profit of Rs 1,556.4 crore as increased by 4.4% in the first quarter April- June.
The Comptroller and Auditor General (CAG) is working to finalize an ‘End to End IT Solution’ to review the Goods and Services Tax (GST).
Goods and Services Tax (GST), the biggest tax reform since Independence came into existence on 1st July in India. Industry experts feel that various sectors or industries will not be benefiting with the new tax regime. Some of the renowned Industry experts reviewed over the implementation of the new regime are mentioned below:-
The government will be sourcing revenue from all around the corners in order to make a multi diverse revenue collection structure. This time new rules are pointing that any revenue or earning exceeding INR 20 lakh annually threshold accounting from renting and commercial leasing purpose will be attracting the GST from now onwards.
In the views of Ajit Ranade, the Chief Economist of Aditya Birla Group, GST must ideally have only two slab rates instead of multiple tax rates.
The government of India (GOI) has now made Aadhar Card mandatory to open any bank account. As per the recent orders given by the Central Government, every individual will have to show his/her Aadhar Card number to open any new bank account as well as for any transaction of over Rs 50,000.
