GST Council cuts rates on 80 items
The Budget, Goods, and Service Tax (GST) council reduced the number of workforce and services to 83 jobs on Thursday.
It will be $ 10-12 billion annually. The council is moving towards a return form, however, the final decision has not been taken. The government has the ability to register one single service in services, the main demand for many players in the banking sector. This can be later used for specific services.
54 schemes and 29 products were being rationalized.
Private companies, domestic consumers, LPG, homeowners’ information, oil exploration, 20-liter packaged drinking water, metro and monorail project, diamonds and expensive stones.
Vanaja N ‘Chairperson Chairperson of the Central Board of Excise and Customs (CBEC) has been appointed to the fittings of the jurisdiction of artisans.
The recommendations of the SAR committee headed by Sarna are also included. This will have a “small” impact on revenue. The job opportunities will be increased.
Effect from Jan 25
This will come into effect from Jan 25. That is, on the remaining days of this financial year only up to 2 billion.
GST The collection dipped to $ 800 billion in November. The government needs further assistance for tax breaks. Direct tax collections increased by 18.7 percent till January 15. In the year 2016-17, the budget target was 15.7 percent. This will be reflected in the budget estimates for 2017-18.
To facilitate funding for central and state governments, the council has an integrated allocation of Rs 350,000 crore integrated GSTT. (IGST) units were distributed equally. Indirect tax collection target and financial year.
Following complaining about the return filing system, Bihar Deputy Chief Minister Sushil Kumar Modi had listened to heads of state ministers to solve problems in GSS portals. GST Network CEO Prakash Kumar and Infosys chairman Nandan Nilekani delivered speeches.
The council has decided to submit a return on a form but it will not be accepted and the conclusion of the presentations will be put in front of the council’s next meeting. This will take place before the budget is presented in February. 1.
However, existing sales systems – GSTR1 and summary input-output return – GSTR3B – will continue.
GST is in the limits of the current system because there is no disagreement in the GST. Composition projects have gone up to 3 billion rupees in the first quarter from 1.7 million donors. Annual turnover is estimated at 500,000.
There are indications that reverse charge Levi compression buyers from the unregistered businesses can go back to dealers.
For a potentially damaging question for a difficult returning filing process, 10.5 million small retail networks have been disbursed in the first three months of the GSLS to distribute GST1. Though less than 50 invoices per month, two invoices are less than a day. “It’s not a big burden and there’s a lot of dishonesty (due to the return of money),” he said.
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