Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
The Union Cabinet gave its consent for establishing a National Anti-Profiteering Authority under GST regime as it wants to make sure that the benefits of slashed prices under GST regime reach to common men.
The GST council has offered a relaxation to all the FMCG companies which are into taking advance from the dealers and stockists before supplying the goods to the market by exempting them from GST on all such kind of advances.
The government has now decided to utilize the CBEC expertise and its network of about 4500 Seva Kendras to provide solutions to the small businesses and taxpayers who are tackling with the complex return filing procedure of Goods and services tax.
GST is a complex taxation reform, it enhanced the compliance burden on taxpayers and they are facing problems in filing returns. To get rid of this problem, the government had informed to the tax officials to keep an eye on the activities of the newly implemented indirect tax regime.
Senior Government officials have expressed disappointment with the Infosys due to the technical glitches and issues in filing returns at GST Network (GSTN). In regard this, the government has to extend the deadlines for filing returns several times.
Income Tax Department is seeking information on past transaction details from banks and financial institutions. Through past transaction details, tax department will be able to determine Goods and Services Tax (GST) calculations.
It is anticipated that the government might reduce the tax rates of items or products falling in the highest slab category i.e., 28 percent.
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.
