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GST compliance rating is a method of ranking particular taxpayer according to his tax return filing habits and maintaining that record on a public domain for every trader to see its prospective clients rating.
Few days before the launching of GST Regime the government on Wednesday disclosed that the taxpayers are required to submit only one return in a month similar to the taxpayers do earlier.
Recently, the government have made some relaxed rules and regulations for the home-buyers and has also asked the builders community to take care of the newly incorporated laws. But recently it was surfaced through sources that the builders are not doing what the government has asked them to do, in fact they are making an exact opposite action of it.
GST is an added advantage to the tax compliance of the nation with its dynamic applicability in the current environment of the fast-paced economy.
Finance Minister Arun Jaitley said on Tuesday, small business industries have been provided sufficient time to get ready for the new GST Regime from 1st July.
Transition provisions under the GST laws address three important issues, related to all those Transitions of registrations, Transition of credit of central taxes paid on goods in stock and Transition of credit of state taxes paid on goods in stock.
According to the Development Bank of Singapore, the country need not to be worried from the new taxation regime as basic or essential items have been placed in zero- rated or exempted category. So, the economic impact of new Goods and Service Tax (GST) will be inflationary with little or less influence.
Giant e-commerce marketplace Amazon is in the herd of those who are not clear of GSTs future probabilities and impact the business internally and externally both. Recently it was learned that the highly privileged seller’s program i.e. invites only Platinum Seller Program (PSP) has been suspended due to the uncertainties arising from GST.
On Sunday, the GST Council of India, in its 17th official meet gave some relaxation on return filing deadline until September and made the terrific anti-profiteering clause more pleasant. Moreover, the council also approved five set of rules and postponed a decision upon the E-Way Bill rule. The upcoming tax reform (GST) is going to be implemented at midnight on June 30, still, the Jammu and Kashmir, and Kerala are yet to give their approval on it.
