The current financial year is in its last week.This fiscal year witnessed a complete overhaul of the previous taxation policy.
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The current financial year is in its last week.This fiscal year witnessed a complete overhaul of the previous taxation policy.
Hence, traders and business owners are now setting aside funds to cover risks and ensure frictionless business operations which in all probability may be hampered by the freezing of their input tax credits.
The biggest tax reform in the history of Indian Taxation was rolled out on the midnight of July, 1st 2018. It has been more than 8 months since then and slowly but steadily we are seeing the after effects. More than 68,000 companies have been registered during the period.
The GST Council may soon pass on a proposal to allow businesses with zero (nil) tax liability for six continuous months to file GST returns bi-annually.
Finally, the 29 Indian States, it seems, has come to a mutual agreement on bringing petroleum-based products under the Goods and Services Tax (GST) radar.
The government seems to increase its efforts towards the consumers who are still wondering about the benefits of goods and services tax.
The state of Uttar Pradesh has secured the second spot in the list of most registered traders in the country. In addition to this, the largest state in India by population has bagged the third spot for the most number of GST returns filed.
In a setback to those firms resting in the northeast, the government has cleared that there will be no tax exemptions for the hilly states and northeastern regions under GST.
The Goods and Service Tax (GST) implemented on July 1, 2017, by the government and the states governments would get the compensation for five months as announced, it was reiterated by the Panneerselvam while introducing the budget 2018-2019 in the assembly meeting.