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In the upcoming GST council meeting which is to be held on 18th January 2018, it is speculated that there would be rate revision of around 70 to 80 products and services.
In a recent controversy towards the faults and glitches of the GSTN portal, the Gujarat Sales Tax Bar Association (GSTBA) has warned the government authorities for an indefinite strike against the GSTN portal which is not working properly from a long time.
Under the new indirect tax regime, it is all set to cross 1 crore taxpayers in the coming two days which indicates a 25 percent increase in the number of taxpayers who were registered for the payment of multiple taxes such as VAT, excise duty and service tax.
Strict actions have been taken by the government against 17,527 alleged tax evaders first time in six months since the introduction of the Goods and Service Tax Regime (GST).
Contractors who accumulate royalty collection will charge royalty along with 18% GST from the truck owners who are loaded with limestone in the truck from 8 January 2018. This recovery will be based on unpaid revenue.
The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.
With the increasing fear of declining GST collection, the government can change the procedure of the Invoice Matching system. In consideration of this move, the invoice matching is not done by the assessee but it will be done by the tax department itself.
The Gujarat Income Tax department is quite happy with the government move to wipe out black money and bring more people under the GST ambit by Demonetization and GST initiatives.
To make an initiative in preventing tax evasion by small businesses and traders, the government will introduce the Reverse Charge Mechanism under Goods and Services Tax(GST). In this reverse system, it is the responsibility of recipient utilizing goods and services to furnish GST liability rather than the suppliers, as per a report.
