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In the latest awake for GST anti-profiteering authority under the goods and services tax, the weavers from Surat, Gujarat are demanding the anti-profiteering provision to be applied as soon as possible.
The Goods and Service Tax or the GST will complete one year on July 1st, 2018. In this period, a number of provisions which were part of the original draft for GST were put on hold at the behest of requests from Industry leaders and experts to reduce the burden of Tax compliance.
The Income Tax laws in India are very complex. In the last couple of years, passive incomes from freelancing jobs have gained momentum.
The National Restaurant Association of India (NRAI) mentioned yesterday that the restaurant sector wants to bring back the input tax credit benefits under Goods and services tax and furthermore tries to remove the number of licenses necessary for running a restaurant.
In a mass movement strategy, now most of the reputed FMCG and IT firms are likely to file petitions in the court of Mumbai and Delhi to seek more clarity on the anti-profiteering clause of the GST.
Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.
Research and development (R&D) Centres in India especially pharmaceutical, biotech and manufacturing companies went to Delhi Court as the government denied to provide tax benefits under GST.
After the implementation of complex Goods and Services Tax (GST) Regime in India, now the Narendra Modi Government is working on bringing changes in respect of the direct tax.
The new decision was taken by the government which provides relaxation in intervals of filing returns. Furthermore, the GST Council made the tax filing process easier for businesses, which has to lessen the businesses of both, GST Suvidha providers (GSPs) and Assisted Suvidha providers (AGSPs). The new move is beneficial only for the SMEs and businesses.
