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Strict actions have been taken by the government against 17,527 alleged tax evaders first time in six months since the introduction of the Goods and Service Tax Regime (GST).
GST council meeting which is going to hold on 18 January will make a clear distinction between the products should be treated under handmade items or not.
Karnataka has proved to be well dependant on its own by giving an example of perfectly scrutinized GST tracking systems. Recently when GST revenues dipped down to a concerned level, the government has sought some information regarding the proper implementation of GST regime in the state of Karnataka.
Contractors who accumulate royalty collection will charge royalty along with 18% GST from the truck owners who are loaded with limestone in the truck from 8 January 2018. This recovery will be based on unpaid revenue.
The Digital camera makers Canon, Nikon and Sony requested the government to eliminate digital cameras from the 28% GST slab which is highest considering all brackets, and this move will be favourable to India’s assertion to the Information Technology Agreement to reassure lower tax levy.
The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.
Finally, with the implementation of GST last year, India embarked into a new era of indirect taxes.The response to GST by Indian industries has been a mixed bag. The industry is slowly but surely getting acquainted with the new laws and changes brought to various sectors by it.
The government is planning to ease the profiteering complaint filing forms which are filed against wrong benefits generated under new tax regime, said a senior official.
Finance Ministry Arun Jaitley said that it is not possible to implement a single GST slab rate in the diversified country like India because the substantial population in the country are from below poverty line (BPL), so the process of different slab rates under GST will continue in India.
