Powerd By SAG INFOTECH
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Despite taking all the pains to successfully implement GST in the Country, it looks like the increasing difficulties in the path of its implementation and the doubled complexity of the process has now started discouraging the Council as well as the Government.
The business community of Chattisgarh asked the Congress government to remove the e-way bill and for sectors like stationary, clothing and cycle, only one tax slab must be applied.
One more move has been added to the Governments improvement schemes which have been witnessed by the country since a couple of weeks. Showing concerns to the lakhs of GST-registered small and medium scale traders
A common GST quiddity has been the increased compliance burden on many small and medium-sized enterprises (SMEs). In this light, the GST Council’s recent decision to allow composition dealers under GST to file one annual return along with a simple declaration is more than just a welcome move.
Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.
A reduction of 12% GST on ‘housing’ to a toll to 5% without any extension in the benefit of the input tax credit (ITC) to developers, would definitely increase the price of the Apartments and would largely affect the Low and the Middle-income Group.
Hero MotoCorp, country’s largest two-wheeler maker called for a reduction in GST rates on bikes and scooters to 18 percent which is currently 28 percent.
Confederation of Indian Industry (CII) expressed its concerns regarding the Economic growth and laid emphasis on a settled GST. CII explained thoroughly that a settled GST would result in the improvement of Creditability and also in capacity expansion by an increment in infrastructure investment and these are amongst the seven key drivers that would help the Indian Economy grow by 7.5% next year.
The Deputy Chief Minister of Bihar, Sushil Kumar Modi, discussed regarding the proposal for raising the GST threshold. He said that this proposal is going to prove as MSME friendly and would provide relief to the particular large section of the Business society which falls under this category.
