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The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
The business which has not got input tax credit (ITC) on provided services or on a closing stock is eligible to claim a credit under before GST implementation regime, without concerning whether they are registered taxpayers or not under this newly implemented indirect tax regime.
From last few months, the government is working upon to hike the cess on luxury vehicles from 15 percent to 25 percent and now finally, a bill has been approved by the Lok Sabha which has made the cess on luxury cars at 25%.
CBEC formulates the GSTR-3B form which is an interim return consolidating details about outward and inward supplies to be furnished every month from July 2017 to March 2018.
According to the official experts, some of the companies are facing problems related to product categorization under the new indirect tax system.
In the reign of goods and services tax, there are lots of goods and services which have suffered a sudden price rise even if they are basic to the common man.
Where the big businesses are continuously appreciating the efforts done by Modi government, the small businesses are sharing another story of discontent.
The government is taking strict actions against those traders who are taking the Goods and Services Tax Reform (GST) lightly.
After so many ups and downs, encompassing the new Goods and Services Tax Regime (GST), Gujarat stood at the third position in GST collection among the top five states and managed to maintain its position throughout the country.
