Under GST provisions, the government collects integrated tax for Goods and Services utilization and later share this collection between the centre and states.
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Under GST provisions, the government collects integrated tax for Goods and Services utilization and later share this collection between the centre and states.
Malaysia is thinking to discard the goods and services tax (GST) in the country. It has been three years of GST roll out in Malaysia and it is advisable for India to move deliberately in the upcoming years as India also needs to stabilize the new indirect tax regime rolled out in July 2017.
The GSTN that powers India’s new destination based indirect tax, The GST, was never supposed to be a mere online portal for Tax Collection.
New Delhi, the National Capital, and Mumbai, the Financial Capital, are now recording an unprecedented increase in petrol and diesel prices.
GST E-way Bill which is implemented starting 1 April for interstate and 15 April for intrastate transportation of Goods will see some relief as the apex authority can simplify the verification process.
The GSTR-3B is the lifeline of India’s new indirect tax law, the GST. The GST law mandates registered dealers to file monthly returns via the GSTR-3B form for each GSTIN. Further, the tax liabilities must be paid by the last date of filing GSTR-3B.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
The government has asked businesses to enroll for e-way bill ahead of roll-out from April 1 because only 11 lakh businesses and transporters registered for the platform yet.
The Government of Bihar has targeted 20 thousand crore revenue collection to the commercial tax authorities under the GST during the current financial year.