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The 23rd GST Council meeting in a row to make GST more effective proved to be big contentment for most traders with the council pronouncing a set of measures that reduced the compliance burden and tax rates on some eatery goods.
As the GST council has reduced the tax rates on restaurants from 12-18 percent to direct 5 percent, there is a happy vibe in the industry.
After the successful completion of 23rd GST Council Meeting, now the council will focus on the lower tax slab rates under GST. As well as converting the multiple slab rates into two or three to make the new regime smooth-functioning.
It has been more than four months after GST rollout and now it seems that revenue loss chances have reduced. Data collected from GST Council shows that States are continuously enhancing GST collection by the remission of last due dates, a release of late payment charges for some time, and efforts of the government to attract towards compliance.
According to the recent poll organized by Dhruva Advisors, nearly 50 percent CEOs appreciating the Prime Minister Narendra Modi decision to implement the new indirect tax regime from 1s July across the country.
Every online business generates revenue by advertisements and selling through affiliate marketing. Under GST (Goods and Services tax) regime, the provisions are clearly mentioned for e-commerce operators.
All retail chains and shopping malls are preparing for a Mega Sale around the year-end and the reason is well-known disruption caused by GST.
Prime Minister Narendra Modi recently in its meeting said that, with GST implementation, a new business culture is developing for the country and in the long perspective consumers will be benefited with this.
The Legal Metrological Department of Telangana government is all set to initiate a special check in the State after receiving so many complaints from the public about businesses are imposing GST over and above the MRP mentioned on the packet of the goods.
