After the implementation of GST, it was significant to the under various provision regarding the ITC availability in the matter of sale and purchase of capital goods under the goods and services tax regime.
Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
After the implementation of GST, it was significant to the under various provision regarding the ITC availability in the matter of sale and purchase of capital goods under the goods and services tax regime.
On Tuesday, 10th October Sudhir Mungantiwar, Finance Minister of Maharashtra declared that all states have agreed to include petroleum and diesel products under the newly implemented indirect taxation system i.e. GST.
Out of 65 lakh taxpayers, it is now evident that only 40 lakh taxpayers have filed returns under GSTR 1 for the month of July.
After GST implementation, it may be on air that small businesses burdened with the tax but the initial report is not favouring the same.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
Goods and services tax which got implemented from July 1st seems to have taken a lot of margin from the telecom companies, in spite of earlier accidents occurred with the Reliance Jio which have taken a large chunk of profits out of the earlier established telecom firms.
Exporters and industry bodies pretend their problems related to the Goods and Services Tax (GST) such as full exemptions, timely refund of duties and easier compliance to Finance Minister Arun Jaitley.
In a recent scenario to combat the illegal tax evasion of GST, the Andhra Pradesh tax officer fined a trader for not paying appropriate GST accountable.
Since the genesis of GST, one question that has been thrown at the GST Council from all corners is the impact of GST on petrol and diesel prices.