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July was the first month after GST implementation and businesses were not well-versed with the new tax system and technical glitches. Still, the GST collection was 95,000 crore.
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.
After the execution of Goods and Services Tax (GST) since 1st July across the country, the commerce ministry has arranged 60- outreach programs for members of trade and industry for solving issues related to the new indirect tax regime according to the official.
The GST Council has released GST return forms which are duly filled up every month for the return purpose. Along the 11 return forms, there are three forms which are considered to be significant and are to be filled up every month regularly. However, the forms are equal to everyone and include all the traders and merchants alike.
Goods and services tax has a direct effect on the exports of India as many of the revenue subjects are associated with the industry.
According to the trade body, handmade manufacturers and other floor coverings have been adversely impacted with the levy of 18 percent GST on job works and 12 percent on the sale and purchase of handmade goods.
Latest GST Circulars/orders from the official head office of CBEC and commissioner GST is available up to date for the notification purpose of GST India. The Goods and service tax is the biggest reform by the Indian government to tackle the complex tax rate structure that was followed until now. It has been assumed that […]
The Goods and service tax is the biggest reform by the Indian government to tackle the complex tax rate structure that was followed until now.
The government has issued notification for the implementation of Central Goods and Service Tax (CGST) regime from 1st July and clarified that the new indirect taxation regime is absolutely correct.
