Powerd By SAG INFOTECH
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In a major shift from VAT to GST, India has supported the new indirect tax regime from the core of its heart and its capabilities. Almost all the traders and taxpayers have tried to comply with the newly incorporated tax scheme and have done whatever the new law has demanded from them.
As the Union Budget is in the line and about to present after two weeks, the GST Council is considering to come down the tax rates for some products, as per the report the number is 80, and thinking over to include the real estate under GST in 25th GST council meeting.
In the upcoming GST council meeting which is to be held on 18th January 2018, it is speculated that there would be rate revision of around 70 to 80 products and services.
The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.
The Gujarat Income Tax department is quite happy with the government move to wipe out black money and bring more people under the GST ambit by Demonetization and GST initiatives.
GST collection in Punjab has impacted significantly because of the continuous decrement in industrial and business filings for the last two decades.
After so many ups and downs, encompassing the new Goods and Services Tax Regime (GST), Gujarat stood at the third position in GST collection among the top five states and managed to maintain its position throughout the country.
Sushil Kumar Modi, one of the GST council member said that he supports the GST tax revenue to be stabilized before the ministerial panel decides to further tweak the GST rates or merge the slabs.
The tweaks in GST tax rates affected the revenue collection of the government. The total calculated loss stands at Rs. 10,000 Crore comparing the last month collection. Finance Ministry told that the collection received till 27 November generated Rs. 83,346 Crore while the collection was of Rs. 95,131 Crore in October and Rs. 93,141 Crore in September.
