Powerd By SAG INFOTECH
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Recently, in 23rd GST Council Meeting held in Guwahati, the Council revised rate structures under newly implemented tax reform. Impressive decisions have been taken by the tax officials and state finance ministers to reduce the tax burden on small business enterprises (SMEs).
After GST implementation, it may be on air that small businesses burdened with the tax but the initial report is not favouring the same.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
An educative seminar on recently implemented Goods and Services Tax (GST) Regime has been organized by MIDC Industries Association (MIA) for the members of the association.
GST portal creates a working issue for a whole day earlier on 19th August which created a tremendous discomfort in the trade-industry due to the absence of the portal and the situation has not improved even on the next day.
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.
Input tax credit in GST, As defined by section 2 (57) of the MGL (Model GST Law) and section 2 (1) (d) of the IGST Act, Input tax is related to a taxable entity which means the (IGST and CGST) in respect of CGST Act and (IGST and SGST) in respect of SGST Act is levied on every supply of goods or any services on the entity which is used by it or which is intended to to be consumed in the course of the business and subsumes the tax payable under sub-section (3) of section 7. In a simple way, input tax credit defines that an entity can reduce the taxes it paid on the inputs at the time of paying the taxes on output.
The One Nation One tax concept will be adopted by the income tax department on large scale as soon as possible which will eradicate the jurisdiction issue over the assessment.
The goods and service tax has been taking a toll on various sectors in the fact of its multi favoring on the economic aspects. Still, there are some provisions on which the GST is working and in which it is ensured that a flawless tax credit is supposed to enter along with the safeguarding against the tax evasion practices. But, the twist turns out that the same provision can prove damaging to the small and medium traders and business organizations.
