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It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
The 28th of August 2017 was the last date for filing GSTR-3B return – for those who want to avail input tax credit on their old stock (of the previous regime) when transitioning to the Goods and Services Tax Regime.
FMCG dealers, who are unable to get credit on their past stock due to unavailability of Tran-2 form, are forced to pay tax from their own pocket.
According to tax officials, the Government has so far collected around Rs 42,000 crores in the form of taxes in the first-month of returns filing under the new indirect tax regime.
The Surat textiles industry is protesting for newly introduced Goods and Services Tax Regime and demanding for GST exemption on fabric and textiles.
Retail has become the second largest sector after the agriculture and it has made a life time opportunity for the people working in the sector.
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.
It is a cleared by the government to the trading communities that the piece of cloth invites only 5 percent GST but if the retailer sells that cloth, after binding and stitching it into a suit, may also attract a tax rate of 12 percent. This ensures that the different variety of clothes and their making will also reflect different slab rates on the clothes sold.
Asim Dasgupta was the previous Finance Minister of West Bengal who managed the Empowered Committee of State Finance Ministers.
