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.
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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.
There is a good news for the construction equipment industry as the sector is all set to grow higher in this year due to slashed GST rates on them. It is expected that the industry may sell over one million units globally this year, as mentioned by the significant player in the industry, JCB.
The tax department has started sending notices to taxpayers asking them to provide documents in support of the transitional credit claims filed by them.
As the set target of eight months which stand at Rs. 7.28 trillion, the government slightly collected the revenue Rs. 100 billion low, as compared to the basic target mentioned by the authority for the starting eight months of Goods and Services implementation.
After normalizing the GST rates in the first phase of GST rollout, now the GST is paying heed in the next phase to anti-tax evasion.
Last week, the initial figures of revenue collection under Goods and Services Tax has been revealed showing a slowdown by Rs 1,144 crore when comparing the data with January revenue which was Rs 85,174 crore.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, asserted the need for clear protocols for GST data sharing by government departments.
The assumed reduction in GST rates on products like refrigerators, cement and air conditioners may get a hold because revenue collection in February is lower than the other previous months’ tax collections, said PwC’s Partner and Leader Prateek Jain.
GST collections witnessed a slow down for the second consecutive month in the last quarter of the current financial year. The collections for the month of February stood at Rs 851.74 billion.