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The state screening committee of Anti-Profiteering Provision under the new indirect tax regime is likely to be formed in the coming week.

After the implementation of Goods and Service Tax (GST) from 1st July, exporters are facing problem in the working capital due to delay in receiving the tax refund under GST. In view of this, they have demanded to provide tax exemptions previously instead of reimbursement mechanism.

PM Narendra Modi, while addressing at the 2-day event of ‘Rajswa Gyan Sangam’ focused on GST issues and encouraged the system to provide a strong IT system who can free the taxmen from hurdles they are facing now in uploading the details.

According to the sources, it is disclosed that the petition has been filed by a group of tax consultants in the Rajasthan High Court against the central and state governments alleging for unpreparedness in implementing the new indirect tax regime.

With an immense filled up hall at Diwan-e-aam, The Taj Mahal Hotel, Mansingh Road, New Delhi, the Revenue Secretary of India Hasmukh Adhia, commenced the most happening event after the implementation of GST.

According to the tax official, it is expected that the GST Council may reduce the taxes on items of common consumption if the government will earn good collection from the new tax regime over the coming few months.

The newly elected President of India, Ram Nath Kovind, has recently in an official announcement ordered to increase the GST compensation cess rate on luxury vehicles, large cars and sports utility cars from 15% to 25% under the GST regime.

The central government, under the guidance of the Goods and Services Tax (GST) Council, has exempted the late-filing penalty for all registered taxpayers who were not being able to file GST-3B return by the due date.