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In a major shift from VAT to GST, India has supported the new indirect tax regime from the core of its heart and its capabilities. Almost all the traders and taxpayers have tried to comply with the newly incorporated tax scheme and have done whatever the new law has demanded from them.
According to a poll result, the majority of economists favoured that the GST impact will not be seen before the next year and a lesser number said it might be visible soon.
It is expected that the polymer downstream industry is all set to grow in the eastern region of the nation which also includes West Bengal.
The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.
Iron Handicraft industry, which exports products to foreign countries and earns foreign currencies in crores, is in dilemma after Goods and Services implementation as due to various anomalies in IGST and GST, they are suffering from an economic slowdown.
The Telecom Regulatory Authority of India (TRAI) has recommended the FM, Arun Jaitley to lower applicable 18% GST on telecom services to 12%.
Many traders want to file GST but due to lack of computer awareness, they have to hire lawyers and accountants at a higher cost which is the main cause of delay in filing returns.
It has been around 6 months since GST was implemented in the country, some of the taxpayers have claimed that their data is merging with the others at the GSTN Portal. In respect of this, the Information Technology department is blaming that the taxpayers are registering with multiple entities at a time.
The goods and service tax impact on ceramic tiles is basically neither too much high nor completely relaxed. Somany Ceramics Ltd.
