Powerd By SAG INFOTECH
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In the name of GST, the renowned 40 leading pharmaceutical companies in the country have not only looted the government within five months of GST implementation but also have not deposited tax to the treasury of the government.
In a recent move implemented by the Finance Ministry, the GST Council has allowed business entities that they can rectify their mistakes in GSTR-3B return form and adjust tax liability without fear of tax penalty.
Parliament is proposed to include aviation turbine fuel (ATF) or jet fuel under the Goods and Services Tax (GST) ambit by the civil aviation ministry on 28 December.
The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
The Telecom Regulatory Authority of India (TRAI) has recommended the FM, Arun Jaitley to lower applicable 18% GST on telecom services to 12%.
The business which has not got input tax credit (ITC) on provided services or on a closing stock is eligible to claim a credit under before GST implementation regime, without concerning whether they are registered taxpayers or not under this newly implemented indirect tax regime.
From last few months, the government is working upon to hike the cess on luxury vehicles from 15 percent to 25 percent and now finally, a bill has been approved by the Lok Sabha which has made the cess on luxury cars at 25%.
Many traders want to file GST but due to lack of computer awareness, they have to hire lawyers and accountants at a higher cost which is the main cause of delay in filing returns.
CBEC formulates the GSTR-3B form which is an interim return consolidating details about outward and inward supplies to be furnished every month from July 2017 to March 2018.
