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Many of the exporters have come under the tracing radar of tax authorities in India for claiming the tax credit two times for the same export under the inverted duty structure.
There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.
The Finance Ministry has granted permission to the businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019.
The Central Government has always been upbeat about passing benefits from GST tax reduction to the end consumers.
GST amendment was done by the Government in the recent past and now in order to make the benefits reach to the Business class, has got the amendment notified.
The NAA or the national Anti-profiteering Authority under GST has pulled up MNC’s for not compensating consumers with the benefits accrued from GST rate relaxations.
The National Anti-Profiteering Authority (NAA) has recently written to IndiGo and Airtel, both of which are market leaders in their respective industries, asking details of the GST input tax credit benefits occurred to the businesses of these entities and whether these benefits have created possibilities for a price reduction to end-consumers.
A month ago, the GST Council had reduced the tax rates nearly on 212 items to provide benefits to customers but the Indian citizens are not getting benefits by the slashing rates of 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.
