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GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
As we know, in the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs is required to register as a normal taxable person.
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.
The Commerce minister Suresh Prabhu on Wednesday made an appeal to the Finance Ministry that the process of refund of GST input tax credit should be made online.
Since the time of GST implementation in India, The Government has been constantly trying to simplify the GST process with accuracy. Thus trying to get the number of Ledgers and accounts reduced which they are bound to maintain.
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.
The 31st GST council meeting held on 22nd December 2018 has taken some key decisions over the GST return forms and highest GST slab rate. The items coming under the 28% GST slab rate basically includes the common man’s items which were earlier in the news for a rate reduction.
The All India Tax Advocates Forum, in light of the extension in GST Annual Return GSTR-9C (Audit Report) for 2017-18 due dates till March 31, 2019, has asked Finance Minister to allow assessees who have already filed the annual returns to rectify mistakes caused in their monthly GSTR-3B and GSTR-1 return.
GST rate rationalization will be the prime agenda for the 31st GST Council meeting on December 22nd. The Saturday’s meeting might witness 28 percent GST rate on computer screens and power banks slashed to 18 percent.
