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According to the report, 11 states across India would demand the compensation of revenue loss from the Central Government after the implementation of the Goods and Services Tax (GST) Regime.
The Government has notified that under the GST regime, the banks will have to pay a 3 percent tax, in the form of IGST, on the imports of gold and precious metals, which will be available to be claimed as input tax credit.
According to a blog published on Asian Development Bank’s website, the lower and lower-middle income class people will get benefited from the recently implemented Good and Services Tax (GST) Regime in India. It is expected that the new regime reduces the tax rates on goods.
According to tax officials, the Government has so far collected around Rs 42,000 crores in the form of taxes in the first-month of returns filing under the new indirect tax regime.
Amit Mitra, West Bengal Finance Minister, has communicated through a letter to Union Finance Minister Arun Jaitley requesting him to organize an urgent meeting of the GST officials to solve the problems being faced by small taxpayers, especially the problems relating to the technology or IT network.
The Narendra Modi government is ready to issue an ordinance over the coming weeks for increasing cess from 15 percent to 25 percent on luxury cars and Sports Utility Vehicles (SUVs).
As we all know that Kolkata is famous for rasgulla, Sandesh and mishti, But due to the high- GST tax rates on sweet dishes has put the sweet makers in the worrisome condition. However, Sweet Makers across West- Bengal are protesting for the Goods and Services Tax.
In the next coming weeks, the recently introduced Goods and Services Tax Regime (GST) will have to face the most critical test. The date of filing first returns had been extended by the Government in order to provide some more time to taxpayers as well as get their processes in place.
After the execution of Goods and Services Tax (GST) since 1st July across the country, the commerce ministry has arranged 60- outreach programs for members of trade and industry for solving issues related to the new indirect tax regime according to the official.
