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Newly, implemented Goods and Services Tax is ushering some unplanned advantages for the financial institutions or banks. Several Financial Institutions such as ICICI Bank, Axis Bank, and DCB Bank, are now providing new services to companies to file their monthly tax returns under the GST by availing bank websites.
In his recent statement to the media, Bijay Kumar, Chief Commissioner of GST, Central Excise and Customs, Kolkata Zone, believes that the recently implemented Goods and Services Tax would bring down the costs of goods, in addition to bringing in transparency to the tax system.
According to a top official, so far nearly 20 lakh businesses have paid returns online and it is expected that about 30 lakh businesses will pay first month returns before the deadline of 25th August.
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.
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.
The GST Council has released GST return forms which are duly filled up every month for the return purpose. Along the 11 return forms, there are three forms which are considered to be significant and are to be filled up every month regularly. However, the forms are equal to everyone and include all the traders and merchants alike.
According to the survey conducted by the road transport and highways ministry, it was found that after the introduction of Goods and Services Tax (GST) across the country, transport industry and truck owners will be saving approximately Rs 30,000 crore yearly.
For the Initial months, there has been a rise in inflation after the implementation of Goods and Services Tax from 1st July across the country. Just for the example, from past five months, the wholesale inflation has been continuously dropping and has enhanced to 1.88 percent in the month of July whereas retail inflation extended to 2.36 percent in July.
