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The goods and services tax has made a roadblock for the first ‘green bus’ project initiated on the behest of Union Transport Minister Nitin Gadkari on 6th December 2016.
The Goods and Service Tax was criticised from the very first day for its multiple tax slabs. A major point that was raised in favour of multiple tax slabs in the ‘One Nation, One Tax’ regime was the great disparity in the purchasing capacity of the common Indian citizens.
The GST Council, in its 29th GST meeting on Saturday, is likely to discuss the proposal to remove the CGST (central goods and services tax) levy on small businesses with annual turnover of up to Rs 1.5 crore.
The NAA or the national Anti-profiteering Authority under GST has pulled up MNC’s for not compensating consumers with the benefits accrued from GST rate relaxations.
The National Anti-Profiteering Authority (NAA), a constitutional body under the GST, was set up to ensure that the benefits from the GST Rate reductions are passed on to the end consumers.
The Union Cabinet unanimously accepted amendments in GST laws which will increase the threshold limit for composition dealers to Rs 1.5 crore.
The GST collections for the month of July showed a slight spike further cementing the effectiveness of the E-way Bill. GST accrues for the month stood at ₹ 96,483 crore.
Among the many changes and improvements the GST system brought to the Indian economy, a major increase has been reported in the direct tax revenues and corporate tax collection in the post-GST era.
GST return filing is a main component of the overall goods and service tax regime as it aims to bring as many taxpayers within its ambit for a proper conversion of tax scheme into a fully functional economical framework.
