In the last few days, the GST implementation has caught the nation by storm. After the rolling out of the taxation becomes a particular thing, the officials have attempted to create and improve the rules of the tax system. They have revised the tax and implemented features to improve the slabs.
Back to back meetings, discussions with the taxpayers and feedback from different states have assisted in the correct functioning of the system. Since this is a growing system, it is still learning, and a lot of growth would be required. More than 70 lakh people have migrated under GST Networking after the system has been rolled out. Additionally, 50 lakh new dealers have registered under the system.
More than 70 lakh people have migrated under GST Networking after the system has been rolled out. Additionally, 50 lakh new dealers have registered under the system.
Many solutions have been announced after the implementation of the tax system. The council members have decided the date of first return filing. Also, they have come up with a decision regarding the deregistration of different brands. The brief of past 50 days’ GST improvement has been given below.
To begin with, the government has notified about the timeline for devising the tax return in July and August, under the new tax regime. The council has allowed extended time to the taxpayers to file the final GST return. To make the task proper, the council has suggested a use of several forms including GSTR 1, 2 and 3 for July and August.
In the 20th meeting, the GST Council has decided that tax rate for the textile sector should be lowered. Also, the tax rate for tractors has gone down. The council will begin publishing the tax rates to make the task of understanding GST easier.
In the first meeting regarding GST review the council has decided to set cess for a product like a cigarette between ₹ 485 to 792 per 1000 sticks.
The nature of the tax system is ever-evolving. This nature has made sure to keep the analyzers on their toes while monitoring the system and its growth. The system needs a proactive approach. The only systematic approach towards GST can help the businesses file three different returns in a month.