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After two and half months implementation of Goods and Services Tax (GST), the cost of truckers has risen due to increase in the prices of diesel in some busy routes. The transport industry is troubling with the new indirect tax regime, as it creating confusion and worrisome among Small and Medium Enterprises (SMEs), which is resulting in losing a large number of jobs.
The new guideline has mandated for tax base division between the centre and the states by the Goods and Services Tax (GST) Council. The move is taken to make the clear distinction between authorities and for better implementation of administration in the new Indirect tax system.
According to the Economic Times, Interest and penalty might be slashed by the government on late filings of GSTR-3B returns for August month, due to load at GSTN portal.
Due to lack of knowledge and unawareness of GST among customers and buyers; shopkeepers and businesses are taking advantage of it and issuing the irrelevant and unauthentic bills.
According to Moody’s Investor Service, Foreign Direct Investment, GST and simplified bankruptcy code are some of the reform measures implemented in India.
On Monday, the Central Board of Excise and Customs (CBEC) informed to its field officers to take all GST disputes to the Supreme Court.
As the clock is ticking, the government’s concern is increasing that among 85 lakh registered taxpayers only 6.5 lakh have filed the GSTR-3B return for August month.
The Goods and Services Tax Network (GSTN) is facing temporary technical glitches after the implementation of the new tax regime, which is hectic for the country. Any of the new IT systems will take nearly six to nine months to evaluate and solve problems as well as get things in a right manner.
The government had collected INR 95,000 crore under GST regime for July month and as the Union Minister mentioned in the statement the compliance is 64% of the total 8 million taxpayers.
