After the reduction of tax rates nearly on 300 items in last GST council meeting, now the government is planning to bring some changes in the rules, procedures and regulations under GST to simplify the procedures for taxpayers and businesses.
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After the reduction of tax rates nearly on 300 items in last GST council meeting, now the government is planning to bring some changes in the rules, procedures and regulations under GST to simplify the procedures for taxpayers and businesses.
Big B2C service sectors like banks, telecommunication operators, and insurers are working deliberately to stay clean of anti-profiteering damages because there are no stir-clear recommendations till now concerning the profit they can make from the initiation of the GST.
Daily-use household items now become cheaper after the reduction of tax rates in 23rd GST Council Meeting. In the last meeting of GST Council, the tax rates have been reduced by the GST council nearly on 200 items.
Approximately 4.3 million Traders have furnished an initial set of GST returns for October and the record marks the highest monthly return furnishing limit by the last date of the GST implementation.
It is pre-assumed that Indian consumers will be getting big benefits with the next round of GST rate rejig. According to the reports, it is anticipated that the government may reduce the tax rates on white goods such as refrigerators, washing machines in the next round of GST Council Meeting.
Goods and services tax has been proving a mixed concentration for the Indian business industries as from the time of implementation, its effects are widely known to be a combination of both good and bad.
Infosys, which is the developing organization for the GSTN portal has stated that it would be configuring the editing facility in the GST network by the date of November 20 which will be enabling the traders to file 3-page summary return i.e. GSTR 3B.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
Goods and services tax has given a growth in both automobile sales as well as oil demand in India due to its taxation structure. The rise in oil demand is attached to the increased sales in passenger cars and utility vehicles after the announcement of GST and its relevant tax rates on automobiles.