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The Goods and Service Tax was criticised from the very first day for its multiple tax slabs. A major point that was raised in favour of multiple tax slabs in the ‘One Nation, One Tax’ regime was the great disparity in the purchasing capacity of the common Indian citizens.
The upcoming 29th GST council meeting is going to take place on 4 August and the ongoing discussion is to put the proposals related to old tax matters in the meeting.
The GST Council, in its 29th GST meeting on Saturday, is likely to discuss the proposal to remove the CGST (central goods and services tax) levy on small businesses with annual turnover of up to Rs 1.5 crore.
The National Anti-Profiteering Authority (NAA), a constitutional body under the GST, was set up to ensure that the benefits from the GST Rate reductions are passed on to the end consumers.
Finally, the matter of petrol under GST has reached to the almighty Rajya Sabha of India in which during the ongoing Rajya Sabha session, Dharmendra Pradhan, the Minister of Petroleum & Natural Gas, confirmed that the Central government and the Industry are in favour of bringing petroleum products under the GTS ambit.
GST return filing is a main component of the overall goods and service tax regime as it aims to bring as many taxpayers within its ambit for a proper conversion of tax scheme into a fully functional economical framework.
GST was touted as ‘One Nation One Tax’ since its introduction on July 1st, 2017 GST has undergone many changes both structural and provisional.
Firms and Businesses with an annual turnover of less than Rs 20 lakh could be exempt from GST Compliance. In a major development, small traders may now need not be registered under GST to supply goods to e-commerce giants like Amazon and Flipkart.
The National Anti-Profiteering Authority (NAA) has recently written to IndiGo and Airtel, both of which are market leaders in their respective industries, asking details of the GST input tax credit benefits occurred to the businesses of these entities and whether these benefits have created possibilities for a price reduction to end-consumers.
