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The government has started preparing to take new steps against the tax evaders and illegal traders under the GST. While the talks for the formation of GST regulator and monitoring of anti-profiteering committee may end very soon.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
Goods and services tax which got implemented from July 1st seems to have taken a lot of margin from the telecom companies, in spite of earlier accidents occurred with the Reliance Jio which have taken a large chunk of profits out of the earlier established telecom firms.
The centre is over-viewing the GST structures for small business and may allow them to file the quarterly returns instead of monthly GST returns.
Exporters and industry bodies pretend their problems related to the Goods and Services Tax (GST) such as full exemptions, timely refund of duties and easier compliance to Finance Minister Arun Jaitley.
World-renowned Sony Digital confirms that there are still some spikes in growth stats of electronics industry after the goods and services tax implementation.
Under GST regime, registration is the foremost and the essential step for existing taxpayers as without registration they would not get GSTIN number which is a basic identity number of a taxpayer.
In a recent scenario to combat the illegal tax evasion of GST, the Andhra Pradesh tax officer fined a trader for not paying appropriate GST accountable.
Since the genesis of GST, one question that has been thrown at the GST Council from all corners is the impact of GST on petrol and diesel prices.
