Arvind Subramanian, the Chief Economic Advisor to the Government of India, asserted the need for clear protocols for GST data sharing by government departments.
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Arvind Subramanian, the Chief Economic Advisor to the Government of India, asserted the need for clear protocols for GST data sharing by government departments.
The low turnover limit has brought new dealers and traders under the ambit of GST. Depending on their previous tax compliance stature, Registered and non-registered taxpayers under the previous tax regime have to file TRAN-1 or TRAN-2 forms to claim a transitional credit on their stock of inputs, semi-finished goods or finished goods when GST came into force.
In a welcome move by India’s Insurance sector regulator, the IRDAI, a total of 24 schemes due for reinsurance were exempted from the ambit of the GST.
The assumed reduction in GST rates on products like refrigerators, cement and air conditioners may get a hold because revenue collection in February is lower than the other previous months’ tax collections, said PwC’s Partner and Leader Prateek Jain.
The Goods and Services Network which plays an important role as GST IT backbone was established on 28 March 2013. On completing five years, Prakash Kumar, chief executive officer mentions the challenges, technological glitches, and criticism faced by the GSTN throughout.
Food Safety and Standards Authority of India (FSSAI) announced that it will relook the food business in order to rearrange it in respect of total annual turnover to meet the Goods and Services Tax regulations.
GST collections witnessed a slow down for the second consecutive month in the last quarter of the current financial year. The collections for the month of February stood at Rs 851.74 billion.
The Finance Ministry has made the complaint procedure against profiteering schemes used by traders/business owners post GST rollout. Consumers will now have to fill a simplified version of the complaint form with less number of columns.
The GST was supposed to make Indian Taxation System Good and Simple. But after more than eight months down the line, it seems that the new GST regime is marred by technical glitches and operational complexities.