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The GSTR-7 is the GST return form for filing the returns for the tax deducted at source. The form is to be filed by 10th of the next month for a particular tax period, by all the eligible taxpayers who deduct tax at source.
Three major steps were taken by the government in previous year – the Real Estate (Regulation and Development) Act, 2016, Goods and Services Tax (GST), and Demonetisation.
GST or Goods and Services Tax System has been finally implemented in the country from 1st July 2017. Excluding SUVs and large cars, Indian Automobile industry mostly benefited after the implementation of the new tax regime as there has been a significant reduction in the prices of the new cars across all segments in the GST regime
It is expected that the newly implemented Goods and Services Tax (GST) bring down the prices of real estate projects but it has not happened nearly two months since GST was implemented in the country.
To promote digitization in the country, the Government is planning to provide 2% relief over the applicable GST tax rate in case of making payments through digitization mode, when the is bill up to Rs 2,000. This means an individual will have to pay less amount if the payment is done through digital mode.
Newly, implemented Goods and Services Tax is ushering some unplanned advantages for the financial institutions or banks. Several Financial Institutions such as ICICI Bank, Axis Bank, and DCB Bank, are now providing new services to companies to file their monthly tax returns under the GST by availing bank websites.
The GST TRAN 1 form is transition form for the already registered taxpayers in old schemes who are filing the GST TRAN -1 form for availing their previous input tax credit accumulated from earlier purchased stock before the implementation of the GST.
After the implementation of the goods and services tax, the finance ministry has done some modification in its cash management system linked with the central government. The changes are done in the consideration of changes in the date of tax receipts due to the goods and services tax receipt.
The Narendra Modi government is ready to issue an ordinance over the coming weeks for increasing cess from 15 percent to 25 percent on luxury cars and Sports Utility Vehicles (SUVs).
