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GST council cleared recently that whatever the cost of oil and gas manufacturers recovers from the sale of petroleum just before transferring benefits to the government which comes under the production sharing contract is not subjected to the goods and services tax.
Tax cases are much of concern in the Indian economy as more than 2 lakh tax cases are currently floating through various appellate litigations on all the levels of the judiciary.
India based FMCG major Hindustan Unilever was served a notice last month by the GST Anti-profiteering committee for not passing GST benefits to their consumers.
The government authorities have started many of the help desk and support services which have increased the overall credibility of the government authorities in the matter of goods and service tax.
Now even the B2B i.e. business to business merchants are in the queue to obtain certification of passing benefits to the consumers from the final vendors and retailers in order to corner down the anti-profiteering clause that may hamper there otherwise obligation if paid no concern.
Arvind Subramanian, the Chief economic adviser of the government of India, recently gave a hint that the country might be headed to implementing a single rate for GST, which was launched in July 2017.
GST e way bill is an electronic bill which will be required for the movement of goods in case the value of the goods are above 50 thousand rupees. The bill can be generated from the GSTN portal and every registered taxpayer must require this e-way bill along with the goods transferred. And learn its […]
The Indian FMCG market is finally on the road to recovery after the double jolts of GST and Demonetisation. Emami, a major FMCG firm, in a statement, said that the demands from the rural markets are slowly gaining momentum.
According to critics, GST is badly implemented tax as it is fighting against constant changes in rates and returns. But is it a truth or reality is different or just a self-flagellation from some groups?
