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It is expected that the goods and services tax can touch a skyhigh of 95000 crores of revenue collection this March 2018 when the return will be filed by April 20.
The goods and services tax will be soon in the textbooks of ICSE board class X mathematics books. The Council For Indian School Certificate Examinations (CISCE) stated that the older tax regime i.e. value added tax (VAT) now serves no purpose to the education.
The ambitious goods and services tax may try to reach the prospect of salaries of employees as the implication of GST on the canteen food have given a hint on the changes hovering over the salary structure of the employees.
On November 16, 2017, the Cabinet set up The National Anti-Profiteering Authority in GST and the main objective of the NAA is to ensure that reduction in GST rates helps down to end consumers.
After the GST rollout, instead of elimination of cascading effects from prevailing indirect tax regime, the contractors have to pay GST two times.
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.
The PHD Chamber of Commerce and Industry recently asked the GST council to lay some rest over the GST rate on the affordable housing. Currently, the housing schemes are accompanied by 8 percent GST on the chamber demands a lower 5 percent instead.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, asserted the need for clear protocols for GST data sharing by government departments.
In a welcome move by India’s Insurance sector regulator, the IRDAI, a total of 24 schemes due for reinsurance were exempted from the ambit of the GST.
