Powerd By SAG INFOTECH
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The hospitality sector is one of the industry which well handled the storm of Goods and services tax as well as demonetisation.
The Consumer Welfare Fund was formed under The Central GST Act. The GST law is hard on anti-profiteers. Profits made from input tax credits under the new indirect tax law have to be passed on to the end consumer.
A major reason for the Government of India’s bold moves over the last two years has been driven by its motto to digitize the current economic structure as well as widen the scope of the formal sector.
The carpet industry in India has been going through very hard times as after the implementation of goods and services tax, there is a decline of 5.58 percent in the exports of the carpets.
It is speculated that the goods and services tax might bring construction cost lower but not the prices of the house as according to the report by real estate consultancies.
It is the matter of confusion that why there is GST on the renewable energy certificates and no tax on the power itself. The trade industry found it very weird that there is a GST on the RECs and there is no provision of GST on the electricity so far.
As mentioned earlier GST would be the Goods and Simple Tax, the definition is going completely against for the apparel exports industry.
The recent action of Supreme Court in regard sending notices to Ultratech Cement Ltd. for credit reversal is an indication of gazing on another manufacturer.
It is expected that the goods and services tax can touch a skyhigh of 95000 crores of revenue collection this March 2018 when the return will be filed by April 20.
