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As expected, India’s first union budget after GST rollout and the government’s last budget in this session is about to be presented on February 1 by the Finance Minister Arun Jaitley.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
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The GST council has lowered the tax rates on vehicles purchased and leased to a record 65 percent of the applicable GST rates even including compensation cess.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
Find all the latest updates on GST council meetings held after the implementation of goods and services tax. The latest 31st GST council decides about GST new return filing system, GSTR forms revisions, GoM meeting along with GST slab rate reduction.
Since the genesis of GST, one question that has been thrown at the GST Council from all corners is the impact of GST on petrol and diesel prices.
According to the tax official, it is expected that the GST Council may reduce the taxes on items of common consumption if the government will earn good collection from the new tax regime over the coming few months.
The government of India, including Centre and States, have collected nearly Rs 92,283 crore from the Goods and Services Tax, the collection amount is the very first month after the new tax regime was implemented in the country, said Union Finance Minister Arun Jaitley.
