After the GST rollout, instead of elimination of cascading effects from prevailing indirect tax regime, the contractors have to pay GST two times.
Powerd By SAG INFOTECH
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After the GST rollout, instead of elimination of cascading effects from prevailing indirect tax regime, the contractors have to pay GST two times.
Former reserve bank of India governor Raghuram Rajan stated that the goods and service tax is not that hard to understand and to fix although he made a counter-attack on the implementation of demonetization.
A load of previously imposed 12% GST on the houses of the low wage groups has been reduced under the Pradhan Mantri Awas Yojana. After the notification of central government, approximately 30 thousand families in Lucknow have to pay low taxes.
As the set target of eight months which stand at Rs. 7.28 trillion, the government slightly collected the revenue Rs. 100 billion low, as compared to the basic target mentioned by the authority for the starting eight months of Goods and Services implementation.
In a welcome move by India’s Insurance sector regulator, the IRDAI, a total of 24 schemes due for reinsurance were exempted from the ambit of the GST.
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.
With a proof to justify the statement of higher GST rates on realty sector, the Mumbai comes forward to show the higher number of unsold apartments due to the unaffordability of buyers reasoning higher taxes.
Due to the GST implementation, even foreigners and tourists are backing up in purchasing gold which they otherwise entitled to claim. The absence of refund mechanism has to lead to dump in sales of gold by NRIs and foreigners.
GST Refund Fortnight is a scheme by the GST council to address refund issues related to the exporters in India. The scheme would be observed from 16.07.2018 to 31.07.2018 across all field formations to deal exclusively with pending GST Refund Claims (IGST & ITC).