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Due Dates: GSTR 3B, GSTR 1, (GSTR 9, and GSTR 9C) and GSTR 4 Respectively as Follows: 20 March, 11 March , 31 March and 18 Apr 2020 (Read a Guide)
GST has been implemented from the 1st July, and there is a lot of ‘if and buts’ going on related to its effects on the Indian economy and finally on the GDP of the country. The sole motto of the GST is to eliminate the cascading tax structure prevailing in the country and to bring about a qualitative change in the tax system by redistributing the burden of taxation equitably between manufacturing and services.
There is a lot of ‘hue and cries’ among the traders regarding the registration process for the GST. So, in lieu to help those traders the Government has launched the GST registration through the e-verification mode.
In this latest e-verification process, traders and businesses can opt for verification of their Goods and Services Tax (GST) registration through the e-mode, in which an OTP will be sent to their registered mobile number to complete the verification process. It must be noted that this latest move is in addition to the existing option of using banking channel or electronic verification code (EVC), for e-verification of the enrolment.
The apex authorities are making every move towards a better implementation of GST and in this direction, the government has initiated a new Twitter handle for the common public to resolve any queries and doubts regarding the Goods and services tax.
A statement from the finance ministry came that, “The Department of Revenue has opened a new Twitter Handle @askGST_GoI to invite queries from all taxpayers on GST, All taxpayers and other stakeholders are welcome to direct their queries related to GST on the said Twitter handle for early resolution and clarification.”
The goods and service tax (GST) has been implemented from July 1st, 2017 in the nation. This subsumed all the indirect taxes like service tax, VAT, excise duty into one including the taxes under centre and state. After the GST, some states are likely to get affected as the nature of taxation is going to change and the states need to adopt the latest methodology in order to ensure proper generation of revenue under GST.
As the IT sector is witnessing the sack of employees in maximum numbers, the demand of professionals specialized in GST is in huge demand. Various Recruitment sites are offering amazing job offers to the professionals who could assist the companies in compliance and work for the smooth implementation of the new tax reform. The requirement of such professionals on urgent basis.
Is There GST on Alcohol, Liquor and Beer? Alcohol has been exempted from the goods and services tax (GST) for now as it needs a constitutional amendment for bringing it into the new tax regime. The decision is speculated to impact negatively on the sector. While there are high chances that the cost of beer will rise.
The share prices of liquor companies have already dropped up to 6 per cent in the past four sessions with IFB Agro Industries BSE -7.25 % falling the most at 6.4 per cent, followed by Global Spirits (down 5 per cent), Ravikumar Distillaries (down 5 per cent), United Breweries (down 5 per cent), Mount ShivalikBSE -4.52 % (down 2.5 per cent) and Winsome BreweriesBSE -2.52 % (down 1.40 per cent).
Edelweiss Securities assumes the sector will be impacted negatively unless the government permits the refund of the irrecoverable taxes. There is also a clarity awaited on the input tax credit under GST.
Goods and Service Tax (GST) has replaced several taxes such as excise duty, VAT and many more taxes levied by the Central and State Government. One common or unified tax is applicable across the whole supply chain. IT industry is one of the sectors is likely to be impacted by the implementation of GST in India. Let’s find the GST impact on IT sector in India.