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Central Board of Excise and Customs (CBEC) has declared first-month revenue data after the implementation of the Goods and Services Tax Regime.
According to the trade body, handmade manufacturers and other floor coverings have been adversely impacted with the levy of 18 percent GST on job works and 12 percent on the sale and purchase of handmade goods.
Goods and Services Tax (GST), biggest tax reform since Independence has been finally implemented across the country from 1st July. On one hand, Government has exempted education sector till higher secondary in the new regime while on another hand coaching classes, certification courses, training programs have been placed in the slab rate of 18 percent.
Tax Department officials continuously keeping an eye on the prices of goods and services after the implementation of the new indirect tax regime in the country. Manufacturers of consumer goods, mobile handset companies, and food chain restaurants have received the call from tax authorities department to provide invoice details before and after GST.
New Goods and Services Tax (GST) Regime came into existence from 1st July across the country and more than 15 days have passed as the country enters into the new tax regime. On one hand, some of the industries are enjoying the new regime, whereas, on another hand, some of the industries are protesting against the new regime.
The Telecom Industry will look into the matter of 18 percent GST rates on the duties of mobile phones. If consumers and companies are facing problems with the new taxation rates, Telecom industry can consult with Finance Minister Arun Jaitley.
Finance Minister of Jammu and Kashmir Haseeb Drabu on Monday has decided the operational target, traders in the state are required to migrate in the new regime by mid of August as well as he provided the guidance to the administration to implement the new regime successfully.
It is now a mandatory affair for all the business entities and companies have to maintain all financial data via online under the Goods and Services Tax (GST) Regime and there is no offline tool available for anyone under this.
After the implementation of Goods and Services Tax (GST) Regime on 1st July, several taxpayers are complaining that their personal data and information is combining with the others at the time of login into GSTN portal. For this, I-T department is blaming to tax practitioners for registering multiple entities at one time.
