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The Union Finance Ministry has lodged a formal request in the Parliament seeking permission to spend an additional amount of Rs 85,315 crore in the ongoing financial year.
In a statement released, the Bombay High Court has instructed the Maharashtra government and the Centre to provide solutions to the GST related issues of the citizens by April 24, 2018.
It has been almost eight months since the Goods and Services Tax (GST) was launched in India and it is still going through changes. GST is far from a stable state.
After the beginning of new tax regime- goods and services tax (GST), Gujarat government has said, the main reason of the revenue growth is stamp duty, electricity duty and vehicle tax as these taxes will help the Gujarat government to collect 18.5 percent more tax revenues in 2017-18.
The GST Council is thinking to revise the return filing procedure and simplify the rules further to make easy compliance and enhance government revenues.
In the upcoming 26th, GST council meeting which is to be held soon may not see any inclusion of real estate within the GST scheme as many of the states is not ready to give up the stamp duty revenue which is garnered in a huge number.
In a very exciting news from the government revenues department is that the estimations of revenues from the Goods and Services Tax may cross INR 1 lakh crore a month mark while going towards the end of upcoming next fiscal year
Tax cases are much of concern in the Indian economy as more than 2 lakh tax cases are currently floating through various appellate litigations on all the levels of the judiciary.
GST was touted as a Good and Simple tax for the people. However, six months down the line traders continuously complain that the accounting and return filing cost have doubled. The GST council as well as the government claims of:
