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The government of India, including Centre and States, have collected nearly Rs 92,283 crore from the Goods and Services Tax, the collection amount is the very first month after the new tax regime was implemented in the country, said Union Finance Minister Arun Jaitley.
It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
According to a top official, so far nearly 20 lakh businesses have paid returns online and it is expected that about 30 lakh businesses will pay first month returns before the deadline of 25th August.
The GST Council has released GST return forms which are duly filled up every month for the return purpose. Along the 11 return forms, there are three forms which are considered to be significant and are to be filled up every month regularly. However, the forms are equal to everyone and include all the traders and merchants alike.
Recently in the research done by an economic survey which was also presented in the Parliament, Stated About formed structural positiveness in the second thought
The tax returns of GST, Goods and service tax is open for filing from today itself by GSTR 3B form. The CEO of GSTN network Mr Naveen Kumar states that the facility of filing the taxes of GST for taxpayers for the first return will be open till 20th August starting from today that is 5th of August.
The Central Board of Excise and Customs (CBEC) has clarified the confusion on tax rates of Sarees. The statement stated that whether designer sarees or embroidered, will impose a five percent tax rates under the new Goods and Services Tax (GST).
State Government have to deal with two major issues- First one businesses have to stabilize their operations after the implementation of the new indirect tax regime and the second one to introduce 7th Pay Commission for state employees.
Goods and Services Tax (GST), the biggest tax reform since Independence came into existence on 1st July in India. Industry experts feel that various sectors or industries will not be benefiting with the new tax regime. Some of the renowned Industry experts reviewed over the implementation of the new regime are mentioned below:-
