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Tax officials and businesses are preparing for filing GSTs first annual return and have expressed their nervousness about the change in the current format and if it is not done then the entire year’s records have to be re-created.
The telecom sector has witnessed one of its worst financial years amidst the disrupting tariff wars. The tariff war was sparked by the entry of Jio which offered affordable data plans with free voice and SMS services to its customers.
It’s been more than one year since Goods and Services Tax (GST) came into existence. But still, there are problems in implementing it. The jurisdictional overlap between the field officer of Central and State government is still the big affair.
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.
GSTR 5A return filing form is mandatory form required to be filed by all the internet service providers or Online Information and Database Access or Retrieval (OIDAR) Service Providers.
Traders are not the only ones struggling to maintain the compliance with the Goods and Services Tax (GST) in India. Even the government is finding it difficult to manage so many transactions in so little time.
A demand has been put by the Export Promotion Council of India for the online linkage of the Goods and Services Network (GSTN) with the NSDL portal to ensure a fast and smooth transition of GST refunds.
The Consumer Welfare Fund was formed under The Central GST Act. The GST law is hard on anti-profiteers. Profits made from input tax credits under the new indirect tax law have to be passed on to the end consumer.
It is the matter of confusion that why there is GST on the renewable energy certificates and no tax on the power itself. The trade industry found it very weird that there is a GST on the RECs and there is no provision of GST on the electricity so far.
