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The 23rd GST Council meeting in a row to make GST more effective proved to be big contentment for most traders with the council pronouncing a set of measures that reduced the compliance burden and tax rates on some eatery goods.
Demonetization and GST implementation are the two greater moves taken by the government which has a positive impact on the environment.
Recently, in 23rd GST Council Meeting held in Guwahati, the Council revised rate structures under newly implemented tax reform. Impressive decisions have been taken by the tax officials and state finance ministers to reduce the tax burden on small business enterprises (SMEs).
After the successful completion of 23rd GST Council Meeting, now the council will focus on the lower tax slab rates under GST. As well as converting the multiple slab rates into two or three to make the new regime smooth-functioning.
According to the recent poll organized by Dhruva Advisors, nearly 50 percent CEOs appreciating the Prime Minister Narendra Modi decision to implement the new indirect tax regime from 1s July across the country.
GST is a complex taxation reform, it enhanced the compliance burden on taxpayers and they are facing problems in filing returns. To get rid of this problem, the government had informed to the tax officials to keep an eye on the activities of the newly implemented indirect tax regime.
GST touted as the biggest taxation reform since Independence, it has been nearly 4 months since new indirect taxation regime was implemented across the country.
Every online business generates revenue by advertisements and selling through affiliate marketing. Under GST (Goods and Services tax) regime, the provisions are clearly mentioned for e-commerce operators.
GST Network has informed the exporters about the refund filing mechanism and allowed them to furnish details on common GST portal in table 6A of GSTR-1 return form.
