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The government has recently made some changes in the GST return filing system. The return forms proposed earlier called the RET forms with ANX (annexures) have been shelved.
Businesses with an annual turnover of up to Rs 40 lakhs are Goods and Services Tax (GST) exempt and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax, the Ministry of Finance said on Monday.
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Aadhaar authentication is expected to facilitate genuine and honest taxpayers while at the same time keeping fake and fraudulent entities away from GST.
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The value of exempted income, like interest on PPF, savings bank account and loans given to family/friends, will be included along with taxable supplies while calculating the threshold limit for obtaining GST registration, the Authority for Advance Ruling (AAR) has said.
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The approval of the GST Bill in the parliament and the coming launch next year will be a truly game changing event for Indian Economy. In this article we summarise the key benefits as FundsTiger sees it and the changes that it would mean for Small Business and SMEs.
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The Goods and Services Tax (GST) implemented by the government recently has definitely affected the real estate industry.
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The implementation of Goods and Services Tax (GST) should drive nearly seven million small businesses to the formal digital economy and help them get easy access to
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Threshold limit of aggregate turnover for exemption from registration and payment of GST for suppliers of services would be Rs. 20 lakhs and Rs. 10 lakhs (for States of Manipur, Mizoram, Nagaland and Tripura).
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Most of the activities or transactions specified in Schedule III (Schedule III of CGST Act contains the items which are neither a supply of goods nor services. This schedule is the part of definition of Supply.)
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GST is a standardization of the indirect taxation regime across the nation, leading to subsuming of many earlier state and central tax regime laws. Goods and services are taxed under four basic slabs 5%, 12%, 18% or 28% creating a new norm in indirect taxation. Traditionally, indirect taxes have had a very significant impact on businesses, particularly on their working capital. A number of taxes such as VAT, Service Tax, Excise Tax and others have resulted in huge contributions to the government and in effect, a huge expense for businesses. The hidden nature of indirect taxes, often spreading across multiple stages of the product cycle, has been a significant drain on working capital. Typically, the proportion of indirect taxes is significantly more in tax collections in developing countries, as compared to developed countries, where the share of direct taxation is significantly higher.
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