July was the first month after GST implementation and businesses were not well-versed with the new tax system and technical glitches. Still, the GST collection was 95,000 crore.
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July was the first month after GST implementation and businesses were not well-versed with the new tax system and technical glitches. Still, the GST collection was 95,000 crore.
Since the genesis of GST, one question that has been thrown at the GST Council from all corners is the impact of GST on petrol and diesel prices.
Packaged consumer goods will not be sold at an old maximum retail price (MRP) from 1st October under GST. The goods made before the implementation of GST will be seized across the country as decided by the authorities. The selling of old stock under GST will be ending on 30th September.
CEO of GSTN Prakash Kumar stated that some of the features have been added to the GSTN portal to make the platform more effective.
To load off the GSTN glitches in return filing and pending issues, the Confederation Of Indian Industry (CII) urged the government for some revisions in return filing due dates and regulations.
After two and half months implementation of Goods and Services Tax (GST), the cost of truckers has risen due to increase in the prices of diesel in some busy routes. The transport industry is troubling with the new indirect tax regime, as it creating confusion and worrisome among Small and Medium Enterprises (SMEs), which is resulting in losing a large number of jobs.
The new guideline has mandated for tax base division between the centre and the states by the Goods and Services Tax (GST) Council. The move is taken to make the clear distinction between authorities and for better implementation of administration in the new Indirect tax system.
According to the Economic Times, Interest and penalty might be slashed by the government on late filings of GSTR-3B returns for August month, due to load at GSTN portal.
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.