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According to a senior official in Telangana Government, the next GST Council Meeting is scheduled on 9th September in Hyderabad. This is the third meeting which is organized by the GST Council
After the implementation of the goods and services tax, the finance ministry has done some modification in its cash management system linked with the central government. The changes are done in the consideration of changes in the date of tax receipts due to the goods and services tax receipt.
According to the report, 11 states across India would demand the compensation of revenue loss from the Central Government after the implementation of the Goods and Services Tax (GST) Regime.
The Government has notified that under the GST regime, the banks will have to pay a 3 percent tax, in the form of IGST, on the imports of gold and precious metals, which will be available to be claimed as input tax credit.
According to a blog published on Asian Development Bank’s website, the lower and lower-middle income class people will get benefited from the recently implemented Good and Services Tax (GST) Regime in India. It is expected that the new regime reduces the tax rates on goods.
GST portal creates a working issue for a whole day earlier on 19th August which created a tremendous discomfort in the trade-industry due to the absence of the portal and the situation has not improved even on the next day.
FMCG dealers, who are unable to get credit on their past stock due to unavailability of Tran-2 form, are forced to pay tax from their own pocket.
According to tax officials, the Government has so far collected around Rs 42,000 crores in the form of taxes in the first-month of returns filing under the new indirect tax regime.
Amit Mitra, West Bengal Finance Minister, has communicated through a letter to Union Finance Minister Arun Jaitley requesting him to organize an urgent meeting of the GST officials to solve the problems being faced by small taxpayers, especially the problems relating to the technology or IT network.
