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GST has not only increased the indirect tax base but also revealed the hidden face of Indian economy. GST has opened many folds after analyzing the facts and put shocking data in front of India.
To deal with the increasing tax evasion cases, the Indian government is planning to bring the composition scheme under the reverse charge mechanism.
In the pre-budget 2018 meeting, the finance minister Arun Jaitley discussed with state government about the current situation. The state government from Congress-led government and regional parties mentioned the revenue drop and agriculture suffering from GST implementation.
In a recent controversy towards the faults and glitches of the GSTN portal, the Gujarat Sales Tax Bar Association (GSTBA) has warned the government authorities for an indefinite strike against the GSTN portal which is not working properly from a long time.
Strict actions have been taken by the government against 17,527 alleged tax evaders first time in six months since the introduction of the Goods and Service Tax Regime (GST).
Contractors who accumulate royalty collection will charge royalty along with 18% GST from the truck owners who are loaded with limestone in the truck from 8 January 2018. This recovery will be based on unpaid revenue.
With the increasing fear of declining GST collection, the government can change the procedure of the Invoice Matching system. In consideration of this move, the invoice matching is not done by the assessee but it will be done by the tax department itself.
To make an initiative in preventing tax evasion by small businesses and traders, the government will introduce the Reverse Charge Mechanism under Goods and Services Tax(GST). In this reverse system, it is the responsibility of recipient utilizing goods and services to furnish GST liability rather than the suppliers, as per a report.
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.
