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Goods and services tax is now half a year old and still demanding necessary changes to be implemented as soon as possible according to the advisory group of GST which is activated for the vigilance for any differences and demands of GST accordingly.
23rd GST Council Meeting started today in Guwahati and for two days it will be discussing upon tax rates nearly on 150-200 items. Post GST implementation, traders and around six lakh business entities have wide expectations from Finance Minister Arun Jaitley.
The Advisory Group which is formed to assist the Law Review Committee of GST Council is going to gather on 8th November in Guwahati for 23rd GST Council Meeting to decide the proposed changes in provisions to create a system for a smooth functioning of GST.
To fight against the difficulties being faced by traders in GST return filing, a forward step has been taken by the Gujarat traders.
The government has favoured the traders who are pleading for time extension to sell their old priced goods after GST. The time has been extended until 31 December 2017 in which the traders who have old stock remained with them can sell it till the end of this year.
GST has rolled out on 1st July 2017, now the impacts are explicit on medicine prices. Currently, applicable GST rates on medicines are put in four categories: GST at 0%, 5%, 12% and 18%.
The Maharashtra Navnirman Sena (MNS) has requested to the Central Government that sanitary napkins should be exempted under GST Regime. MNS leader Shalini Thackeray has met with the finance minister Arun Jaitley to discuss this issue. The Government has announced 12-per cent tax rate on sanitary napkins under the new indirect taxation structure, which is going to be rolled out from 1st July.
The government has been trying to make every sort of channel to bridge the gap between the taxpayer and the government sources to cherish the upcoming GST in a healthy way. In this direction, the government has started a new Twitter handle for the general public to resolve any queries regarding the Goods and services tax.
The Goods and service tax is under a very heavy pressure to improve and get ready for its upcoming rollout. Struggling with issues like poor internet connectivity service for the integration of the tax data framework to the low performing software from the government which it seems unable to handle a staggering amount of 3.5 billion invoices per month, all has to be resolved under a meager amount of time.
