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The new guideline has mandated for tax base division between the centre and the states by the Goods and Services Tax (GST) Council. The move is taken to make the clear distinction between authorities and for better implementation of administration in the new Indirect tax system.
According to the Economic Times, Interest and penalty might be slashed by the government on late filings of GSTR-3B returns for August month, due to load at GSTN portal.
On Monday, the Central Board of Excise and Customs (CBEC) informed to its field officers to take all GST disputes to the Supreme Court.
The Goods and Services Tax Network (GSTN) is facing temporary technical glitches after the implementation of the new tax regime, which is hectic for the country. Any of the new IT systems will take nearly six to nine months to evaluate and solve problems as well as get things in a right manner.
An educative seminar on recently implemented Goods and Services Tax (GST) Regime has been organized by MIDC Industries Association (MIA) for the members of the association.
The implementation of Goods and Services Tax (GST) Regime is definitely a favorable step for the country in terms of economic growth as a whole.
After the implementation of Goods and Service Tax (GST) from 1st July, exporters are facing problem in the working capital due to delay in receiving the tax refund under GST. In view of this, they have demanded to provide tax exemptions previously instead of reimbursement mechanism.
According to the sources, it is disclosed that the petition has been filed by a group of tax consultants in the Rajasthan High Court against the central and state governments alleging for unpreparedness in implementing the new indirect tax regime.
According to the tax official, it is expected that the GST Council may reduce the taxes on items of common consumption if the government will earn good collection from the new tax regime over the coming few months.
