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.
Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
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.
It has been more than four months after GST rollout and now it seems that revenue loss chances have reduced. Data collected from GST Council shows that States are continuously enhancing GST collection by the remission of last due dates, a release of late payment charges for some time, and efforts of the government to attract towards compliance.
Goods and services tax which was implemented recently and to be exact on 1st July 2017 with a lot of promises and work on progress tagline, is known to be subsuming all the indirect taxes into one.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
Online GST registration application is an essential step under GST regime for every taxpayer or business owner whose annual turnover is above 20 lakh.
The general perception is that the economically weak states don’t pay taxes on time. But Uttar Pradesh just changed the assumption and became the highest performing nation in paying GST instead of big States like Maharashtra, Karnataka, Tamil Nadu, and Gujarat.
The state government is all ready to look up for the complaints against the businesses who are not issuing bills or issuing bogus and improper bills or staying away from paying the GST.
Due to lack of knowledge and unawareness of GST among customers and buyers; shopkeepers and businesses are taking advantage of it and issuing the irrelevant and unauthentic bills.
To address the issues relating to the technical glitches faced by taxpayers in the implementation of goods and services tax (GST), a five member Group of Ministers (GoM) has been constituted by the Finance Minister Arun Jaitley.