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As per the data obtained from the GST department, it has been analysed that almost 84,176 dealers have not submitted the (GSTR-3B) returns till last October and more than 10 per cent dealers are being served notices with the GST department may cancel their registrations.
With the reduced GST rates, the paint industry is about to witness a growth between 10% to 15% in FY 2018-19, as compared to 9% growth in the FY 2017-18. This is due to lowered GST rates by 10 percentage points, as mentioned by an official.
The GSTN portal is currently going under discussion to bring a very easy GST to return filing solution based on common SMS facility which will further ensure ease in GST returns filing procedure.
The Income Tax department has updated a form to fill with information regarding the general anti-avoidance rules (GAAR), the goods and services tax (GST), and secondary adjustments.
In the upcoming 29th GST council meeting to be held on 4th August, the government is set to offer multiple benefits to the small businessman and taxpayer under the GST.
GST Network is putting efforts towards establishing a system which can assist the government to take action against the tax evaders and the persons who do not file returns.
The Confederation of Indian textile industry chairperson stated that the factors such as an increase in import taxes on textiles and reduction of GST rates on synthetic clothes will surely boost the domestic cloths industry.
The home minister Rajnath Singh has assured that the central government is still open to consider any GST rate reduction in the view of recent 28th GST council meeting decisions.
Taxpayers and businessman can track the return filing status in a convenient way by logging on to the official GST government website. The GSTR filing is a mandatory process for the businessman.
