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The upcoming 29th GST council meeting is going to take place on 4 August and the ongoing discussion is to put the proposals related to old tax matters in the meeting.
Among the many changes and improvements the GST system brought to the Indian economy, a major increase has been reported in the direct tax revenues and corporate tax collection in the post-GST era.
There is already a tense environment in the business world due to the GST and in this strategy, the fund flow as well as to ease business operation norms, the Tamil Nadu micro and small-scale units have requested modifications and relaxations in the current GST norms.
The Income Tax department has updated a form to fill with information regarding the general anti-avoidance rules (GAAR), the goods and services tax (GST), and secondary adjustments.
In response a petition filed by builders and developers, the Bombay High Court has decided that goods and services tax (GST) would be leviable on the one-time premium of a long-term lease of 30 years or more, as it is treated as a ‘supply’ under the GST law.
The impact of goods and services tax on the daily household is positive according to the reports and research did in the one year of this crucial time period i.e. the implementation of GST.
In a statement released today, the RBI said that states have been unable to achieve their gross fiscal targets owing to issues like higher salary expenses, limited revenue after GST implementation and loan waivers being offered to the farmers.
The two-day tax conclave will be held in Ahmedabad on July 14 & 15. The meeting will be attended by around 200 tax practitioners from over 26 Indian states who will discuss the ongoing issues of Goods and Services Tax (GST).
The Bengal has raised the threshold limit for an e-way bill of goods for intrastate movement. Now, the limit is up to Rs. 1 lakh which was previously up to Rs 50,000.
