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The GST Council may reduce tax rates on job work to those who are making fabric to the garment and put it under 5 percent slab rate structure in the GST framework. The meeting will be conducted tomorrow and may be the industry have to register online for goods worth above Rs 50,000 before getting transported.
The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3
It is a difficult time for numerous sectors across the nation as the GST is trying to cover up all those into strict compliance. With this into effect, the bicycle industry is also under the problems of tax rates and input tax credit all at once.
With a month long struggle with the newly implemented goods and services tax, it has now clear that many of the sectors and individuals are having issues with the classification of the products in GST.
Recently, the Lok Sabha made another step towards implementation of GST across the nation by passing two significant bills to the Jammu & Kashmir. There were two bills passed by the lower house in which it includes Central Goods and Services Tax (Extension to Jammu and Kashmir), Bill, 2017 and the Integrated Goods and Services Tax (Extension to Jammu and Kashmir), Bill, 2017.
The finance minister took a turn in his statement and stated that in the future course of time, the GST rates may be rationalized. The most comprehensive tax regime may see a difference after some time with the scope of rationalization of slab rates 12 and 18 percent into one.
Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST.
Nitin Gadkari, Road Minister has written a letter to Union Finance Minister Arun Jaitley to review the higher taxation rates on alternative fuels such as biodiesel and ethanol, in the light of new regime.
The month of July has been a car deal across the nation with a great hype made by GST. The biggest car manufacturer Maruti Suzuki has seen an increased 22.4% car sales when compared to the figures of the previous year.
