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It looks like not only small but also a large businessman community among those having an annual turnover above 5 crore rupees have not filed their GSTR 3B return
The GST Council is providing an alternative to the traders and businesses of all states regarding the threshold limit of GST.
GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
GST Council gave a high sigh of relief to the Trade-industry on concessions but are doubtful whether it will be long-lasting or not. As per the Tax officials, the random changes and modifications in the rules created a self-contradictory situation due to which it is also possible that the discounts given will be taken back or will become neutral via other norms.
To help the government to check the GST evasion and track the goods, the GST e-way bill system will mostly associate with the FASTag mechanism of National Highways Authority of India (NHAI) from April.
Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.
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 Indian Government has started doing the investigation on financial inclusion as banks and BCs have been facing issues due to 18 percent GST is being levied on these services.
Strict actions will be taken against the 1,300 dealers who did not pay the GST from starting, i.e. July 2017, by the Jammu and Kashmir state tax department.
