Powerd By SAG INFOTECH
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Post-July 2018 (one year of GST), there has been a genuine effort by the Government and the GST Council, in particular, to cut down on the burden that GST rate has had on the common man’s pocket.
In the metropolitan cities, Private Schools have bypassed government schools to become the first choice of parents when it comes to their child’s education over the last couple of years.
As per the new amendments made to CGST Act in the Lok Sabha, the centre has excluded the provision of credit available for the Cess paid when transiting from GST considering previous indirect tax regime.
Recently the Ministry of corporate affairs has issued a new revised draft for the amendment of details to be given in the cost audit reports required by the companies to submit them with the government.
The GST return filing process along with the return forms are set to get revised soon. The GST Council has already approved the new return filing structure, which is now under consideration in the ongoing session of Parliament.
The centre has introduced the four GST amendment bills in order to make return forms easy and increase the turnover threshold limit for composition dealers to Rs. 1.5 crore.
Recently the GST council has made some recommendations in order to provide some relief to the tax department in case any taxpayer files any frivolous case against the tax assessment.
The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
The international monetary fund has regarded the goods and services tax of India as the significant tax reform and also considered it to be the milestone reform taken by the government for the betterment of the economy.
