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The MSME’s demand for the GST rate cuts could not be fulfilled by the Government and no decisions could be taken in this context in the forthcoming GST meeting which is supposed to be held on 28th and 29th of this month.
The government now looks strict in terms of tax evasion as Commissioner for GST(investigation) has been appointed to get the law enforced and take over the previous tax regime.
Madhya Pradesh state has now 4 lakh registered traders under goods and services tax regime as the senior state commercial tax official mentioned in a public event.
IGST is levied on the interstate supply of goods and services as well as Indian imports and exports. Exports are zero-rated under the IGST Act.
In a meeting with probationers of 68th batch of Indian Revenue Service (Custom and Central Excise), the President Ram Nath Kovind has appreciated for making goods and services tax a success across the country.
GST was always an ambitious plan when one takes into consideration the diversity that India as a nation subsumes within its territorial boundaries.
Since July 8, 2017 – the day when GST was implemented in J&K, it has been observed by tax officials that the state revenue collection in the state dropped down nearly by Rs 1300 crore.
The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
The upcoming 30th GST council meeting is scheduled to be held on 30th September in Goa.
