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GST was a complete overhaul of the existing taxation system in India. Powered by the GSTN Network, it was India’s first big step towards a true digital economy.
According to the official experts, some of the companies are facing problems related to product categorization under the new indirect tax system.
Goods and services tax is now half a year old and still demanding necessary changes to be implemented as soon as possible according to the advisory group of GST which is activated for the vigilance for any differences and demands of GST accordingly.
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.
Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST.
Goods and Services Tax (GST), biggest tax reform since Independence has been finally implemented across the country from 1st July. On one hand, Government has exempted education sector till higher secondary in the new regime while on another hand coaching classes, certification courses, training programs have been placed in the slab rate of 18 percent.
On Sunday, the GST Council of India, in its 17th official meet gave some relaxation on return filing deadline until September and made the terrific anti-profiteering clause more pleasant. Moreover, the council also approved five set of rules and postponed a decision upon the E-Way Bill rule. The upcoming tax reform (GST) is going to be implemented at midnight on June 30, still, the Jammu and Kashmir, and Kerala are yet to give their approval on it.
The GST Council is again to set its 17th meeting on Sunday to discuss all those long awaited topic namely anti-profiteering and the e-way bill which was opposed by many sectors in which the transport sector was the major one.
According to the previous provisions, a works contract is a combination of transfer of goods and services. While under GST regime, the service tax is applicable for work contract only on service part.
