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IGST Refund – Under the GST law, exporters must have to pay the Integrated Goods and Services Tax (IGST) while exporting the goods from one place to another.
The Telecom Regulatory Authority of India (TRAI) has recommended the FM, Arun Jaitley to lower applicable 18% GST on telecom services to 12%.
The business which has not got input tax credit (ITC) on provided services or on a closing stock is eligible to claim a credit under before GST implementation regime, without concerning whether they are registered taxpayers or not under this newly implemented indirect tax regime.
From last few months, the government is working upon to hike the cess on luxury vehicles from 15 percent to 25 percent and now finally, a bill has been approved by the Lok Sabha which has made the cess on luxury cars at 25%.
Many traders want to file GST but due to lack of computer awareness, they have to hire lawyers and accountants at a higher cost which is the main cause of delay in filing returns.
It has been around 6 months since GST was implemented in the country, some of the taxpayers have claimed that their data is merging with the others at the GSTN Portal. In respect of this, the Information Technology department is blaming that the taxpayers are registering with multiple entities at a time.
CBEC formulates the GSTR-3B form which is an interim return consolidating details about outward and inward supplies to be furnished every month from July 2017 to March 2018.
GSTR-1 is the first in the sequence of filing GSTR forms. The form is required to be furnished every month with the outward supplies details in a particular month.
According to the official experts, some of the companies are facing problems related to product categorization under the new indirect tax system.
