Powerd By SAG INFOTECH
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The government has recently done with some modifications with the compliance part for the small businessman, however, there are some issues for the traders while following the procedures given by the government.
The deadline to file the Annual returns for the Financial year 2017-2018 under GST has been now extended by the Government to March 31, 2019, which was earlier December 31, 2018.
The business community of Chattisgarh asked the Congress government to remove the e-way bill and for sectors like stationary, clothing and cycle, only one tax slab must be applied.
One more move has been added to the Governments improvement schemes which have been witnessed by the country since a couple of weeks. Showing concerns to the lakhs of GST-registered small and medium scale traders
As we know, in the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs is required to register as a normal taxable person.
A common GST quiddity has been the increased compliance burden on many small and medium-sized enterprises (SMEs). In this light, the GST Council’s recent decision to allow composition dealers under GST to file one annual return along with a simple declaration is more than just a welcome move.
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 Trade and Industry community are expected to face problems in terms of Annual Filings under the goods and services tax (GST) regime in the upcoming months.
A reduction of 12% GST on ‘housing’ to a toll to 5% without any extension in the benefit of the input tax credit (ITC) to developers, would definitely increase the price of the Apartments and would largely affect the Low and the Middle-income Group.
