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The Confederations of All India Traders ((CAIT) head of organization traders wrote a letter to the Union Finance Minister Arun Jaitley wherein the traders have demanded the three GST slab rates instead of levying GST at five different slab rates.
Supply of goods and services or both under GST Law is Taxable. If there is no supply than no GST levied on it.
The goods and services tax (GST) is a value-added tax charged on most goods and services sold for domestic consumption, introduced by the Constitution Act in 2016.
Recently, the Indian government has introduced some changes in the credit utilization mechanism under GST wherein the companies initially have to settle down the tax liability by availing IGST credits even before the utilization of central GST (CGST) and state GST (SGST) credits.
As per the government reports, the central government has till now collected a staggering amount of INR 4,172.44 crore as late fees for missing GST return filings by the taxpayers.
Here, we are going to provide you with the format of GST PMT-06 (payment form) and it is necessitated to generate the challan after making the payments of tax under GST.
GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
The GST ACT allows foreign entities like Consulates, Embassies and other UN organizations who have made their roots in India to claim the GST which they paid.
The GST was implemented with a bang of the slogan ‘One Nation, One tax’. The implementation of which was done with enthusiasm but not with proper planning which resulted in poor outcome and criticism.
