The study indicates that a short-term liquidity shock impacted firms in the export sector, with the firms with high working capital/sales ratio hit the most due to the liquidity constraints.
Under the e-way bill system in GST, every inter-state movement of goods with a value of over Rs 50,000 and being moved beyond 10 km, the transporter will have to generate an electronic bill on the designated portal.
It must increase rural investment, rationalise GST, income and corporate taxes to improve incomes and create jobs.
Total collections under the Goods and Services Tax (GST) in November had slipped for the second straight month to Rs 80,808 crore, from over Rs 83,000 crore in October.
The GST Council in its meeting focused on anti-evasion measures such as imposition of reverse charge mechanism (RCM) for composition scheme dealers along with the e-way bill rollout from February 1.
Council gives in-principle approval for about 40-50 ‘minor’ legal changes in GST-related laws.
Nearly 40 per cent of the existing tax filers have claimed nil-tax liability since July.
The 10-member committee has also recommended broadening of certain categories for availment of input tax credit.
Amid falling revenues, the low rate of collections under the composition scheme in the first quarter of GST roll-out has led the government to discuss ways for checking tax evasion and improve compliance, including speeding up work for early introduction of the e-way bill system.
Only one action recorded by Central authorities in Punjab, rest taken by state authorities.
The GST Council is expected to look at matching of GST returns and the corresponding invoice-matching before the start of the next financial year, they said
Although McDoanld’s India tried to explain why they increased the price, people were not convinced. Netizens felt they were being cheated to pay the same price despite the tax cut on GST and urged government to take strict action.
Addressing a media briefing after the 23rd GST Council meeting, Finance Minister Arun Jaitley said all restaurants in the country will be levied a GST of 5 per cent and no restaurant will have the input tax credit (ITC) benefit.
A survey conducted by the GST Commissionerate among 600 assesses in Pune region has identified the major technical issues which need urgent attention from GSTN.
Corruption and the reluctance to pay taxes forced the Government to dish out a rigid GST framework. Retailers especially the small and medium business men should be mindful of the fact the Government can provide compliance relaxation only if tax cheating ends.