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The GST aspires to be ‘One Nation One Market One Tax’. But the existing multiple tax slabs in India’s new TAX law means that anti-profiteering practices are on the rise especially in places where GST awareness is minimal.
Commercial Tax Department of the State Government has extracted Rs 19.07 lakh in Goods & Services Tax (GST) from the top two post offices in the city of Gorakhpur.
Many chartered accountants and GST experts in India had applied to become a practitioner of Goods & Services Tax, however, the applications of many of them are still under processing.
On November 16, 2017, the Cabinet set up The National Anti-Profiteering Authority in GST and the main objective of the NAA is to ensure that reduction in GST rates helps down to end consumers.
GST was a complete overhaul of the existing taxation system in India. Powered by the GSTN Network, it was India’s first big step towards a true digital economy.
There are a lot of business opportunities for the logistics startups in the GST e-way bill based setup. As everyone knows that the first launch of E-way bill was not a smooth one. It was marred by GSTN traffic overload issues.
The Goods and Services Network which plays an important role as GST IT backbone was established on 28 March 2013. On completing five years, Prakash Kumar, chief executive officer mentions the challenges, technological glitches, and criticism faced by the GSTN throughout.
Today, an official said that the GST Council will look after in finalizing the simpler version of GST return filing module that is proposed by Nandan Nilekani on the 26th meeting that will be going to held on March 10th.
Recently, Indirect Tax Department has published a circular that 18 percent Goods and Service tax (GST) will be imposed on the certificates issued for excess priority lending by banks, that would increase the lender’s cost as they are not fully eligible for complete input credit tax yet.
