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The low turnover limit has brought new dealers and traders under the ambit of GST. Depending on their previous tax compliance stature, Registered and non-registered taxpayers under the previous tax regime have to file TRAN-1 or TRAN-2 forms to claim a transitional credit on their stock of inputs, semi-finished goods or finished goods when GST came into force.
The assumed reduction in GST rates on products like refrigerators, cement and air conditioners may get a hold because revenue collection in February is lower than the other previous months’ tax collections, said PwC’s Partner and Leader Prateek Jain.
GST collections witnessed a slow down for the second consecutive month in the last quarter of the current financial year. The collections for the month of February stood at Rs 851.74 billion.
The difference in liabilities reported in GSTR-1 with regards to that in GSTR-3B is a matter of great concern and will have to be analyzed in detail by the Government Of India.
The Government of Bihar has targeted 20 thousand crore revenue collection to the commercial tax authorities under the GST during the current financial year.
It’s been less than nine months since the GST was launched and it has already come under the radar of the black market. Tax evasion activities through black market and under-valuing of imports have been detected by GST revenue authorities.
To tackle the cases of tax evasion, the GST officials have come up with the idea to enable a checking feature in the new returns filing system. This will ensure that all the credit requests are first checked for whether the tax has been paid already.
Finance Minister Capt Abhimanyu didn’t force any new tax in Haryana’s financial plan. The foremost purpose behind this is the number of income from Haryana’s Goods and Services Tax (GST). After the implementation of GST, Haryana has established a record achievement in the country.
Over 1.03 crore businesses have been registered under the new Goods and Service Tax (GST) regime and the implementation of the biggest tax reform has been running smoothly so far, Parliament was informed on Friday.
