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Just Before 31st GST Council Meeting which is set to be scheduled on December 22, 2018, Aam Aadmi Party (AAP) has written a letter to the Arun Jaitley, Finance Ministry of India and chairman of GST Council to give some suggestion on the GST.
GST Council’s 31st meeting has taken some of the major decisions on the higher slab rate. The meeting deliberately made discussion on the items coming under the highest 28% GST slab rate.
At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved micro, small and medium enterprises (MSMEs), Indian taxpayers are riding a tax evasion wave unlike any seen in recent times.
Due to the technical glitches at GSTN Network, E-commerce firms have been facing difficulties to file the details of tax collected at source (TCS) which adversely influencing the working capital of small retailer firms.
Tax officials and businesses are preparing for filing GSTs first annual return and have expressed their nervousness about the change in the current format and if it is not done then the entire year’s records have to be re-created.
The current financial year will witness the introduction of two more Tax compliance forms. Under GST, India’s new indirect tax regime, two new tax compliance forms will be introduced by the end of this current financial year.
The Big news has come for the Oil Refineries as there is an announcement for relief in regards to the GST payment against the job outsourced by these oil companies.
The Tax Practitioners and Businessmen have discussed the issue over the slow down of the GSTN portal with the state tax commissioner while filing the GST return on the portal.
The Finance Ministry has officially announced that the business enterprises who have chosen the composition scheme under Good and Services Tax (GST) Regime now don’t require to provide the information of goods purchased from their vendors while filing quarterly return GSTR-4 Form.
