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The Union Cabinet gave its consent for establishing a National Anti-Profiteering Authority under GST regime as it wants to make sure that the benefits of slashed prices under GST regime reach to common men.
On Wednesday, Union Finance Minister Arun Jaitley said that the GST Council members will discuss to be included real estate sector under the newly implemented Goods and Services Tax (GST) Regime.
The state government is all ready to look up for the complaints against the businesses who are not issuing bills or issuing bogus and improper bills or staying away from paying the GST.
GST intelligence Arm, Directorate general of Goods and Services tax intelligence, has been newly created for the purpose to regulate the money laundering cases in the gems and jewellery sector under the Prevention of Money Laundering Act, 2005.
Taxpayers have requested the government to permit more time for filing the tax returns, invoices and payments of July month after the implementation of the Goods and Services Tax (GST).
The Surat textiles industry is protesting for newly introduced Goods and Services Tax Regime and demanding for GST exemption on fabric and textiles.
Previously, Chairman of Central Silk Board K.M. Hanumantharayappa had requested to the government to cut down the taxation rates from 5 percent to 2 percent on silk yarn and fabric. Now the Central Silk Board has announced that the GST implementation will not increase the silk prices.
In a recent move to eradicate Illegal financial transactions happening across the nation, the government took a strict decision to deactivate a staggering 11.44 lakh permanent account numbers (PAN) on 27th July. The deactivation of PAN cards were done in the light of multiple Pan cards allotted to single person.
The government has this time to have an increased Tax to GDP ratio by 12 percent in coming two years by FY20. For this, the authorities will be having benefits of newly implemented GST and the thorough cross checking of accounts with their taxpayers.
