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The Gujarat Income Tax department is quite happy with the government move to wipe out black money and bring more people under the GST ambit by Demonetization and GST initiatives.
According to the recent data from the Centre for Monitoring Indian Economy (CMIE) has shown the biggest declines in the home loan growth.
What can be more peaceful before Gujarat assembly elections, where the Union Finance Minister Arun Jaitley has ensured the Gujarat’s textile community to solve problems faced by taxpayers in Goods and Services Tax(GST) filing procedure.
Approximately 4.3 million Traders have furnished an initial set of GST returns for October and the record marks the highest monthly return furnishing limit by the last date of the GST implementation.
Goods and services tax has been proving a mixed concentration for the Indian business industries as from the time of implementation, its effects are widely known to be a combination of both good and bad.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
It has been more than four months after GST rollout and now it seems that revenue loss chances have reduced. Data collected from GST Council shows that States are continuously enhancing GST collection by the remission of last due dates, a release of late payment charges for some time, and efforts of the government to attract towards compliance.
Goods and services tax which was implemented recently and to be exact on 1st July 2017 with a lot of promises and work on progress tagline, is known to be subsuming all the indirect taxes into one.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
