Finally, GST council comes to reality !

Finally, GST council opens up and comes to reality to do some relaxation and delayed the implementation of few things.

> e-way bill postponed for sometime

> Return due date are postponed and simplified single return form is issued for first two months

Still there are many issued to be addressed
- Imports becoming cheaper (that to products which meant for direct sale to market and not used as input for manufacture)

- Vague rules for Reverse charge (reverse charge applicable for all supplies from unregistered suppliers - should i pay GST if we buy tea from a small tea shop ?)

- Complex return mechanism

- Buyer need to run behind the supplier to make him to pay tax to take input credit. Are they tax collection officer ? GST going one step ahead of self assessment mechanism !

- Service sector is suffering big tax impact - increase in rates, increase in compliance, no much benefits

- No centralised registration

- SGST of other state cant be taken credit. The place of supply will be state in which service is provided in some cases. If a chennai company conducts a event in a banglore hotel, then chennai company cant take input credit of the tax paid - because hotel will charge SGST and CGST in those cases.

list goes on by adding industry specific issues ............... 

Comments

Popular posts from this blog

BUSINESS SURVIVAL AFTER CORONA LOCKDOWN

TAX COLLECTION AT SOURCE ON SALE OF GOODS FOR MORE THAN 50 LACS @ 0.1% OF SALE VALUE

GST DUE DATE EXTENSION - SIGHTING COVID-19 PANDEMIC