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Since the genesis of GST, one question that has been thrown at the GST Council from all corners is the impact of GST on petrol and diesel prices.
Packaged consumer goods will not be sold at an old maximum retail price (MRP) from 1st October under GST. The goods made before the implementation of GST will be seized across the country as decided by the authorities. The selling of old stock under GST will be ending on 30th September.
The Goods and Services Tax Network (GSTN) is facing temporary technical glitches after the implementation of the new tax regime, which is hectic for the country. Any of the new IT systems will take nearly six to nine months to evaluate and solve problems as well as get things in a right manner.
A Maximum Retail Price is a maximum price which can be charged from the consumers in India as specified by the authority figures.
The implementation of Goods and Services Tax (GST) Regime is definitely a favorable step for the country in terms of economic growth as a whole.
The GST Council on 21st meeting in Hyderabad, head by Finance Minister Arun Jaitley with state counterparts, stated clearly to start registration for liable persons for tax deduction at source(TDS) and tax collection at source(TCS) from 18th of September.
PM Narendra Modi, while addressing at the 2-day event of ‘Rajswa Gyan Sangam’ focused on GST issues and encouraged the system to provide a strong IT system who can free the taxmen from hurdles they are facing now in uploading the details.
GSTR-11 is filed by UIN (Unique Identification Number) holders for purchases they made during the month. Unique Identification Number is a special category under GST which is issued for specialized agencies of United nations organisation.
