Entities face issues such as difficulty in coding items in HSN codes, need for filing service tax returns for each state of operation and likely challenges in matching of invoices under the new indirect tax regime.
Revenue department officials said the same principle will apply on sale of old cars or two-wheelers and no GST will be payable even though the supply would be for a consideration.
Talking to reporters, Kalraj Mishra said the MSME (Micro, Small and Medium Enterprises) ministry has sought inputs from the khadi players on levy of GST (Goods and Services Tax) on their products so that it can take up the issues with the GST Council.
Your Questions On GST Answered
Questions about economy, GST are drowned in the din on showier issues.
While there are still protests and debates going on about the new tax regime, here are 10 tweets that sum up the entire GST experience.
What has been the impact of GST on different sectors after one week of its implementation? The landmark indirect tax measure has been propelled into implementation after 14 long years.
The lathi charge has become a flashpoint that could lead to loss of support from this community, ahead of the assembly elections later this year. Controlled mostly by North Indians, the textile traders are staunch BJP supporters.
Even as the clarity on the provisions of the Goods and Services Tax (GST) is limited so far, academicians say that GST is a major tax reform that eliminates indirect taxes from the system and hence it has to be introduced to accounting and taxation components for commerce students.
Not only have loyal customers decreased but the number of traders coming from outside the city have also reduced significantly. It would be sometime for business to pick up, he added. Another trader said they are more worried about the old stock.
Bizongo’s new system helps sellers get data which is in the GSTR 1 format that prescribes the details to be provided by the taxpayer in relation to outward supplies made to the buyer for a certain period.
Even as larger e-commerce companies such as Snapdeal and Paytm don’t expect to be impacted because of the transition, several e-commerce platforms and city-based start-ups that The Indian Express spoke to said they had temporarily delisted merchants yet to be registered under GST.
A cooperative bank run by sex workers, Usha Multipurpose Co-operative Society Ltd — the largest of its kind in India — provides sanitary napkins and condoms to thousands of sex workers at a subsidy. The bank has 30,222 members from Sonagachi and other red-light areas of Bengal.
People have been sharing their first bill after the implementation of GST on Twitter. While few are confused and have many questions how they will understand if they have been charged correctly, others are happy with two ‘simplified’ taxes.
While the government has been trying their best to explain to explain the GST rollout, most people are just confused what it meant for them. And soon memes and jokes started flooding the micro-blogging site.