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Three major steps were taken by the government in previous year – the Real Estate (Regulation and Development) Act, 2016, Goods and Services Tax (GST), and Demonetisation.
Merchants are completely busy in GST return filing and are facing so many problems, trying to approach CA, agents, tax consultants, and experts to resolve their issues at the earliest.
Adverse effects of GST(Goods and Services) regime can be clearly seen over handicraft industries. Census data says there is a huge downfall in handicraft industry from 1996 to 2010. The growth has slashed by approx. 53% which is a drastic price change we can see on hand-made products. Apart from this, the new tax framework also intercepting the growth of the industry.
The GSTR 4 form is a quarterly return form for those taxpayers who have opted GST Composition scheme in the new indirect tax regime. Under the GST composition scheme, taxpayers will be required to file one only return in every three months (quarter) rather than three returns in every month.
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.
GSTR-3 is a monthly return we file after GSTR-1 and GSTR-2. Where GSTR-1 contains the information of outward sales, GSTR-2 contains the detailing of inward sales or supplies, GSTR-3 is simply a return based on the information of GSTR-1 and GSTR-2.
GST or Goods and Services Tax System has been finally implemented in the country from 1st July 2017. Excluding SUVs and large cars, Indian Automobile industry mostly benefited after the implementation of the new tax regime as there has been a significant reduction in the prices of the new cars across all segments in the GST regime
It is expected that the newly implemented Goods and Services Tax (GST) bring down the prices of real estate projects but it has not happened nearly two months since GST was implemented in the country.
GST has rolled out on 1st July 2017, now the impacts are explicit on medicine prices. Currently, applicable GST rates on medicines are put in four categories: GST at 0%, 5%, 12% and 18%.
