Powerd By SAG INFOTECH
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GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.
People are demanding to rationalise the tax at a certain level in all the sectors. Considering the point of people, the Minister of State for Finance Shiv Pratap Shukla is planning review the tax in the educational sector as ‘Education is the most powerful weapon which one can use to change the world’.
As we know, in the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs is required to register as a normal taxable person.
The Trade and Industry community are expected to face problems in terms of Annual Filings under the goods and services tax (GST) regime in the upcoming months.
A reduction of 12% GST on ‘housing’ to a toll to 5% without any extension in the benefit of the input tax credit (ITC) to developers, would definitely increase the price of the Apartments and would largely affect the Low and the Middle-income Group.
It is worth noting that from starting of the GST era, many of the businessmen who had never filed even a single return of GST were exempted from paying any penalty recently made confusion and partiality views on the government by the businessman who had deposited late filing penalty earlier.
The Prime Minister’s Office urged to the nodal ministries to speed up efforts for bringing all states on one platform in compliance with bringing oil, natural gas, electricity, and coal under the ambit of GST, the goods and services tax.
As per the industry executives, it has come into being that Business Correspondents (BCs) are facing a challenging time under the goods and services tax (GST) regime.
