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According to the trade body, handmade manufacturers and other floor coverings have been adversely impacted with the levy of 18 percent GST on job works and 12 percent on the sale and purchase of handmade goods.
Tax Department officials continuously keeping an eye on the prices of goods and services after the implementation of the new indirect tax regime in the country. Manufacturers of consumer goods, mobile handset companies, and food chain restaurants have received the call from tax authorities department to provide invoice details before and after GST.
New Goods and Services Tax (GST) Regime came into existence from 1st July across the country and more than 15 days have passed as the country enters into the new tax regime. On one hand, some of the industries are enjoying the new regime, whereas, on another hand, some of the industries are protesting against the new regime.
The Telecom Industry will look into the matter of 18 percent GST rates on the duties of mobile phones. If consumers and companies are facing problems with the new taxation rates, Telecom industry can consult with Finance Minister Arun Jaitley.
It is now a mandatory affair for all the business entities and companies have to maintain all financial data via online under the Goods and Services Tax (GST) Regime and there is no offline tool available for anyone under this.
After the implementation of Goods and Services Tax (GST) Regime on 1st July, several taxpayers are complaining that their personal data and information is combining with the others at the time of login into GSTN portal. For this, I-T department is blaming to tax practitioners for registering multiple entities at one time.
The goods and services tax has been rolled out and already half a month is elapsed but still, the issues regarding registration prevail in the trading community. All the issues are related to the technical shortcomings of GST portal. Some of the common issues like Invalid user ID of taxpayers, URL error, ID not activated are still prevalent on the screens of traders trying to understand this new tax regime.
The rice lovers across India now have to pay a bit more to enjoy their favourite meal, as the profit margins of the branded Basmati rice manufacturers and exporters are expected to face a bit of decrement due to the liable 5% GST implemented from July 1.
GST has been implemented in India and is now making all the businesses compatible with it rapidly. Recently, a new announcement has been made by the GST Network, according to which, every small business across the country with the turnover of up to Rs 75 lakh can opt for composition scheme under Goods and Service Tax regime by July 21.
