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The government of India, including Centre and States, have collected nearly Rs 92,283 crore from the Goods and Services Tax, the collection amount is the very first month after the new tax regime was implemented in the country, said Union Finance Minister Arun Jaitley.
GSTR-3 is a monthly return we file after GSTR-1 and GSTR-2. Where GSTR-1 contains the information of outward sales, GSTR-2 contains the detailing of inward sales or supplies, GSTR-3 is simply a return based on the information of GSTR-1 and GSTR-2.
It is expected that the newly implemented Goods and Services Tax (GST) bring down the prices of real estate projects but it has not happened nearly two months since GST was implemented in the country.
GST has rolled out on 1st July 2017, now the impacts are explicit on medicine prices. Currently, applicable GST rates on medicines are put in four categories: GST at 0%, 5%, 12% and 18%.
It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
GST intelligence Arm, Directorate general of Goods and Services tax intelligence, has been newly created for the purpose to regulate the money laundering cases in the gems and jewellery sector under the Prevention of Money Laundering Act, 2005.
To promote digitization in the country, the Government is planning to provide 2% relief over the applicable GST tax rate in case of making payments through digitization mode, when the is bill up to Rs 2,000. This means an individual will have to pay less amount if the payment is done through digital mode.
Taxpayers have requested the government to permit more time for filing the tax returns, invoices and payments of July month after the implementation of the Goods and Services Tax (GST).
Newly, implemented Goods and Services Tax is ushering some unplanned advantages for the financial institutions or banks. Several Financial Institutions such as ICICI Bank, Axis Bank, and DCB Bank, are now providing new services to companies to file their monthly tax returns under the GST by availing bank websites.
