The returns filing under goods and services tax has gone through multiple changes since its implementation in 2017 July. The GST council had discussed numerous changes and procedure for a smooth transaction under the new indirect tax regime.
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The returns filing under goods and services tax has gone through multiple changes since its implementation in 2017 July. The GST council had discussed numerous changes and procedure for a smooth transaction under the new indirect tax regime.
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.
Recently Assam government issued the notifications regarding GST E Way Bill for intrastate movement of goods and has confirmed the implementation from 16th May 2018.
The GST department has launched an investigation to determine the reasonability of the 100% refunds claimed by banks on GST paid on vendor services for ATMs.
With the GST implementation in July 2017, it was predicted that the manufacturing states might face the revenue loss but producer states such as Uttar Pradesh and Bihar would generate a hike in revenue collection.
According to the Authority for Advance Ruling (AAR) for GST in Maharashtra it is stated that the engineering, procurement and construction (EPC) activities are understood as ‘work contract’ and therefore liable to be taxed at 18 percent GST, and according to the ruling, it may hike the cost of setting up of solar plants.
Finally, the goods and services tax is getting strict and compliant with the use of data analytics used by the GST officers in capturing discrepancy.
The National Anti-Profiteering Authority which was set up under GST to ensure that benefits from the reductions in GST rates must reach the common taxpayer must and the NAA must be applauded for the good work it has done so far to safeguard consumer welfare.
The group of ministers under the Bihar deputy chief minister Sushil Kumar Modi led ministerial panel will be looking into incentivising the digital payments under goods and services tax on May 11.