Powerd By SAG INFOTECH
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Yanamala Rama Krishnudu, Minister of Finance and Planning for the State of Andhra Pradesh and also a senior politician from the TDP, has raised concerns over the effectiveness of the GST.
As the set target of eight months which stand at Rs. 7.28 trillion, the government slightly collected the revenue Rs. 100 billion low, as compared to the basic target mentioned by the authority for the starting eight months of Goods and Services implementation.
After normalizing the GST rates in the first phase of GST rollout, now the GST is paying heed in the next phase to anti-tax evasion.
The Union ministry of commerce & industry now has given its consent to resolve the issues tolerated by the Indian pharma industry concerning export of research services. The government is likely not to impose GST for research related services.
The new Financial year has begun amidst concerns for consecutively decreasing GST Revenues. Though the Government and the GST Council must have had a sigh of relief on Sunday after e-way bill platform was successfully launched post the disastrous first attempt on February 1st this year.
Electronic Bill or the e-way bill will come into effect from April 1, 2018. E-way bill is an important step towards India’s dream of becoming a digitally driven Tax Economy.
The PHD Chamber of Commerce and Industry recently asked the GST council to lay some rest over the GST rate on the affordable housing. Currently, the housing schemes are accompanied by 8 percent GST on the chamber demands a lower 5 percent instead.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, asserted the need for clear protocols for GST data sharing by government departments.
The low turnover limit has brought new dealers and traders under the ambit of GST. Depending on their previous tax compliance stature, Registered and non-registered taxpayers under the previous tax regime have to file TRAN-1 or TRAN-2 forms to claim a transitional credit on their stock of inputs, semi-finished goods or finished goods when GST came into force.
