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After the reduction of tax rates nearly on 300 items in last GST council meeting, now the government is planning to bring some changes in the rules, procedures and regulations under GST to simplify the procedures for taxpayers and businesses.
After the implementation of complex Goods and Services Tax (GST) Regime in India, now the Narendra Modi Government is working on bringing changes in respect of the direct tax.
The new decision was taken by the government which provides relaxation in intervals of filing returns. Furthermore, the GST Council made the tax filing process easier for businesses, which has to lessen the businesses of both, GST Suvidha providers (GSPs) and Assisted Suvidha providers (AGSPs). The new move is beneficial only for the SMEs and businesses.
Big B2C service sectors like banks, telecommunication operators, and insurers are working deliberately to stay clean of anti-profiteering damages because there are no stir-clear recommendations till now concerning the profit they can make from the initiation of the GST.
Daily-use household items now become cheaper after the reduction of tax rates in 23rd GST Council Meeting. In the last meeting of GST Council, the tax rates have been reduced by the GST council nearly on 200 items.
It is pre-assumed that Indian consumers will be getting big benefits with the next round of GST rate rejig. According to the reports, it is anticipated that the government may reduce the tax rates on white goods such as refrigerators, washing machines in the next round of GST Council Meeting.
Infosys, which is the developing organization for the GSTN portal has stated that it would be configuring the editing facility in the GST network by the date of November 20 which will be enabling the traders to file 3-page summary return i.e. GSTR 3B.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
The Union Cabinet gave its consent for establishing a National Anti-Profiteering Authority under GST regime as it wants to make sure that the benefits of slashed prices under GST regime reach to common men.
