Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Central Government recently extended the deadline for the initial GST return of the form GSTR – 3B which can now be filed up until 28th August as against earlier 20th August. But the extension of the deadline has been only for those taxpaying individuals who have opted to utilise the opening balance of pre-GST credit in the current month.
According to the survey conducted by the road transport and highways ministry, it was found that after the introduction of Goods and Services Tax (GST) across the country, transport industry and truck owners will be saving approximately Rs 30,000 crore yearly.
In a recent decision taken by the Modi government has given a relaxation and a worthy package of Rs 27,413 crore to all the hill states of India.
For the Initial months, there has been a rise in inflation after the implementation of Goods and Services Tax from 1st July across the country. Just for the example, from past five months, the wholesale inflation has been continuously dropping and has enhanced to 1.88 percent in the month of July whereas retail inflation extended to 2.36 percent in July.
The Goods and Services Tax (GST) touted as the biggest tax reform since Independence came into effect from 1st July across the country.
Goods and services tax has a direct effect on the exports of India as many of the revenue subjects are associated with the industry.
It has been found that the Indian traders are getting hands on the comprehensive economic agreement (CEA) with South Korea for the illegal track of gold to devoid import duties applicable for getting bullion in the country.
It is a cleared by the government to the trading communities that the piece of cloth invites only 5 percent GST but if the retailer sells that cloth, after binding and stitching it into a suit, may also attract a tax rate of 12 percent. This ensures that the different variety of clothes and their making will also reflect different slab rates on the clothes sold.
Goods and service tax has proven a heavy tax scenario on to the Ambulance category vehicles as 10 to 13 seater Ambulance vehicles are now completely halted for sales. According to the industry experts, the issue which has been concluded is that the ambulance vehicles are not on the list of exempted items. And without the exemption, the ambulance vehicles are bound to be sold at the higher slab rate of 28 percent tax.
