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It is now in the hands of GST council and all the Group of Minister (GoM) to decide the further sequence of tax refunds of Integrated goods and services tax.
The government has favoured the traders who are pleading for time extension to sell their old priced goods after GST. The time has been extended until 31 December 2017 in which the traders who have old stock remained with them can sell it till the end of this year.
Online GST registration application is an essential step under GST regime for every taxpayer or business owner whose annual turnover is above 20 lakh.
The government has started preparing to take new steps against the tax evaders and illegal traders under the GST. While the talks for the formation of GST regulator and monitoring of anti-profiteering committee may end very soon.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
Goods and services tax which got implemented from July 1st seems to have taken a lot of margin from the telecom companies, in spite of earlier accidents occurred with the Reliance Jio which have taken a large chunk of profits out of the earlier established telecom firms.
The general perception is that the economically weak states don’t pay taxes on time. But Uttar Pradesh just changed the assumption and became the highest performing nation in paying GST instead of big States like Maharashtra, Karnataka, Tamil Nadu, and Gujarat.
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The centre is over-viewing the GST structures for small business and may allow them to file the quarterly returns instead of monthly GST returns.
