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Firms and Businesses with an annual turnover of less than Rs 20 lakh could be exempt from GST Compliance. In a major development, small traders may now need not be registered under GST to supply goods to e-commerce giants like Amazon and Flipkart.
The National Anti-Profiteering Authority (NAA) has recently written to IndiGo and Airtel, both of which are market leaders in their respective industries, asking details of the GST input tax credit benefits occurred to the businesses of these entities and whether these benefits have created possibilities for a price reduction to end-consumers.
GST (Goods & Services Tax) Officers in states and UTs will soon reach out to businesses, traders and industries in order to understand the prevailing GST issues with which these businesses are struggling.
There is already a tense environment in the business world due to the GST and in this strategy, the fund flow as well as to ease business operation norms, the Tamil Nadu micro and small-scale units have requested modifications and relaxations in the current GST norms.
The multinational companies have cleared the reason for not passing the GST benefits to the consumers and the reason itself is not eligible for any approval.
The much-awaited Goods and Services Tax Appellate Tribunal (GST-AT) has been given approval from the GST Council. The GST-AT will be set up in the form of a higher judicial forum which is going to look into the redressal disputes of businesses under the new Goods and Services Tax regime.
In the recent 28th GST council meeting, the council has approved a simplified GST return filing form in which it has given the basic principles of the latest return form design.
The new/updated return filing form, which is based on the suggestions and recommendations for making the GST return filing process easier for taxpayers, already got its approval from the GST Council last week.
The new GST (Good and Service Tax) rates officially effected from the midnight of 26 July 2018, after a recent reduction in the tax rates of consumer durables and sanitary napkins.
