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Businessmen and traders have to revisit and aligned their return filing system before 1st April. As the government who has delayed the penalty on GST return filing, it will end in April.
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.
The Indirect Tax Department stated that electricity meters will attract goods and service tax (GST). This was also confirmed by the Central Board of Excise and Customs (CBEC). Electricity does not come under GST but the rent on electricity meter is not exempted from GST.
With the implementation of GST, the senior citizens or elderly population of the country are facing additional burden, who is disabled due to advancing age or any other problem and are living in retirement community centres.
The Directorate General of Safeguards (DGS) recently asked Hindustan Unilever about clarifications regarding the methodology used by the company in reaching Rs 119 crore to the government after it was not able to pass the GST benefits to customers.
The government of India is busy tackling the GST woes and has ended up losing a lot of road kilometres this year.
In a recent crackdown on the central government, the supreme court has seen a rise in cases where the central government is one of the parties involved in the case.
The government sources have said, to make the tax filing simpler for businessmen, the return filing may be changed from monthly to quarterly. They also said that the requirement for filing three GST returns will likely to be taken down to one.
The government has released the directives suggesting that after GST implementation, the business which is away from Investment promotion assistance will get relief in all kind of matters from next budget session. Further, the business has got an extension until next year to compensate the problems faced by businesses.
