Traders are not the only ones struggling to maintain the compliance with the Goods and Services Tax (GST) in India. Even the government is finding it difficult to manage so many transactions in so little time.
Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Traders are not the only ones struggling to maintain the compliance with the Goods and Services Tax (GST) in India. Even the government is finding it difficult to manage so many transactions in so little time.
A demand has been put by the Export Promotion Council of India for the online linkage of the Goods and Services Network (GSTN) with the NSDL portal to ensure a fast and smooth transition of GST refunds.
The Consumer Welfare Fund was formed under The Central GST Act. The GST law is hard on anti-profiteers. Profits made from input tax credits under the new indirect tax law have to be passed on to the end consumer.
It is the matter of confusion that why there is GST on the renewable energy certificates and no tax on the power itself. The trade industry found it very weird that there is a GST on the RECs and there is no provision of GST on the electricity so far.
The central government recently revealed that the food and drinks which is distributed at the educational institutes are subjected to the 5 percent goods and services tax.
Taking cues from the debacle faced by the Central Government and the GST Council during the first launch of GST E Way Bill for transporters, the government has decided on a phased rollout of the e-way bill services for transporters.
At last, the day has come and the government has sanctioned the remaining amount of GST refunds which is worth 127 billion that is around 80 percent of the eligible claims of exporters, as confirmed by the official.
Hence, traders and business owners are now setting aside funds to cover risks and ensure frictionless business operations which in all probability may be hampered by the freezing of their input tax credits.
The tax department is high on toes since the false credit claims are surging from past few months. In this direction, the tax department has now decided to tug all those 50 thousand taxpayers who are on the higher side of claiming input tax credit.