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Parliament is proposed to include aviation turbine fuel (ATF) or jet fuel under the Goods and Services Tax (GST) ambit by the civil aviation ministry on 28 December.
The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
According to the official sources, Those taxpayers failed to file returns under GST would get an official notification from the government very soon. The government is ready to issue notices to GST defaulters.
The goods and services tax has proved to be a problem for even states too as the latest news from the finance minister of West Bengal Amit Mitra has confirmed. The minister said that there is a revenue shortfall of around 39,000 crores in the first four months of revenue collections which is much less than estimated.
After the announcement of errors in input tax credit claims, the government is keeping an eye on the activities of some companies such as Insurance, Technology, Telecom, and Banks.
In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime
Sushil Kumar Modi, one of the GST council member said that he supports the GST tax revenue to be stabilized before the ministerial panel decides to further tweak the GST rates or merge the slabs.
We accept that the GST implementation slowly but reduced the drawbacks of the previously formulated tax collecting procedure. The Government is penetrating full-efforts to overcome loopholes in GST mechanism.
Due to the ongoing pollution certifications being provided by the service centres. In lieu of this service, GST tax is being recovered from the public. But the question is arising that who will pay the GST for these kinds of services.
