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GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
As we know, in the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs is required to register as a normal taxable person.
Income tax return filing numbers are on a record high in the financial year 2018-19 as according to the statistics, the income tax filing in the current financial year till 30th December stood at 6.21 crores which are 43% higher.
Since the time of GST implementation in India, The Government has been constantly trying to simplify the GST process with accuracy. Thus trying to get the number of Ledgers and accounts reduced which they are bound to maintain.
The 31st GST council meeting held on 22nd December 2018 has taken some key decisions over the GST return forms and highest GST slab rate. The items coming under the 28% GST slab rate basically includes the common man’s items which were earlier in the news for a rate reduction.
The All India Tax Advocates Forum, in light of the extension in GST Annual Return GSTR-9C (Audit Report) for 2017-18 due dates till March 31, 2019, has asked Finance Minister to allow assesses who have already filed the annual returns to rectify mistakes caused in their monthly GSTR-3B and GSTR-1 return.
GST rate rationalization will be the prime agenda for the 31st GST Council meeting on December 22nd. The Saturday’s meeting might witness 28 percent GST rate on computer screens and power banks slashed to 18 percent.
As the Telecom Industry reels under the pricing war for more than two straight years now, the demand for streamlining GST issues is getting stronger with each passing day.
Income Tax Return: If you find it difficult to fill the Income Tax Return Form, then CBDT has a crisp and clean solution for you. From next year onwards, the tax return form will be auto-filled.
