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GST council meeting which is going to hold on 18 January will make a clear distinction between the products should be treated under handmade items or not.
GST e way bill is now a reality as the GST council has decided to uplift the e way bill into action from starting 1st February 2018. A GST e way bill is a mandatory document for all the logistics transactions with value more than INR 50,000 while transportation by road and air (within India).
Karnataka has proved to be well dependant on its own by giving an example of perfectly scrutinized GST tracking systems. Recently when GST revenues dipped down to a concerned level, the government has sought some information regarding the proper implementation of GST regime in the state of Karnataka.
The Reliance Jio plans in pricing the data and unlimited calls at less where benefited many consumers in providing services at lesser cost, on the other hand, have become a headache for other telecom operators as their bills slow down drastically.
Contractors who accumulate royalty collection will charge royalty along with 18% GST from the truck owners who are loaded with limestone in the truck from 8 January 2018. This recovery will be based on unpaid revenue.
The Digital camera makers Canon, Nikon and Sony requested the government to eliminate digital cameras from the 28% GST slab which is highest considering all brackets, and this move will be favourable to India’s assertion to the Information Technology Agreement to reassure lower tax levy.
The government is totally in action against the possible tax evaders as recently the GST department in Mumbai has confiscated as many as 90 parcels of gold ornaments in a possible suspect of tax evasion supplies.
The Research published by the credit-rating body ICRA has brought good news for the Indian Corporate Sector. Aided mainly by the festive season, the sector has shown recovery from the initial jolt felt during the transition phase of the newly implemented GST tax regime.
Finally, with the implementation of GST last year, India embarked into a new era of indirect taxes.The response to GST by Indian industries has been a mixed bag. The industry is slowly but surely getting acquainted with the new laws and changes brought to various sectors by it.
