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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.

Recently, Indirect Tax Department has published a circular that 18 percent Goods and Service tax (GST) will be imposed on the certificates issued for excess priority lending by banks, that would increase the lender’s cost as they are not fully eligible for complete input credit tax yet.

The Indirect Tax Department stated that electricity meters will attract goods and service tax (GST). This was also confirmed by the Central Board of Excise and Customs (CBEC). Electricity does not come under GST but the rent on electricity meter is not exempted from GST.

As confirmed by the Central Board of Excise and Customs (CBEC), errors by exporters in filing GST returns are causing the delay in disbursing tax refunds. Only a third of the total returns filed under the new tax regime are eligible for tax refunds and the refund process for those with clear documents has begun.

In a very exciting news from the government revenues department is that the estimations of revenues from the Goods and Services Tax may cross INR 1 lakh crore a month mark while going towards the end of upcoming next fiscal year

GST e-way bill, which was put on hold after technical glitches experienced by the portal, is now rescheduled to launch by the end of this month.

India based FMCG major Hindustan Unilever was served a notice last month by the GST Anti-profiteering committee for not passing GST benefits to their consumers.

The government authorities have clarified that the mess facility which is provided to staff or students will continue to be taxable at 5 percent without any input tax credit.