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The Deputy Chief Minister of Bihar, Sushil Kumar Modi, discussed regarding the proposal for raising the GST threshold. He said that this proposal is going to prove as MSME friendly and would provide relief to the particular large section of the Business society which falls under this category.
The 31st GST council meeting held on 22nd December 2018 has taken some key decisions over the GST return forms and highest GST slab rate. The items coming under the 28% GST slab rate basically includes the common man’s items which were earlier in the news for a rate reduction.
GST rate rationalization will be the prime agenda for the 31st GST Council meeting on December 22nd. The Saturday’s meeting might witness 28 percent GST rate on computer screens and power banks slashed to 18 percent.
Finally, the prime minister takes the step into the long pending GST refund issues of the exporters as the PMO organized a meeting with Mr. Narendra Modi to listen all the related grievances summoning the CBIC.
The drawback of the input duty refund under the duty drawback scheme is that it is lower as compared to last year’s IGST refund as claimed by the exporters which further noted by the Commerce Ministry.
It’s been more than one year since Goods and Services Tax (GST) came into existence. But still, there are problems in implementing it. The jurisdictional overlap between the field officer of Central and State government is still the big affair.
Recently the goods and service tax network issued an advisory for all the taxpayers who are set to file tax returns for multiple tax periods. This advisory was done in the presence of doubts by taxpayers on filing returns.
Delhi high court recently asked questions to the central government regarding the continues argument between the exporter’s community and the government on the GST refunds.
Recently the exporters charged allegation against the government for not clearing GST refund claims of around 22,000 crores as the finance ministry itself dismissed the facts stating them exaggerated and inaccurate.
