While the economy as a whole continues to go through the painful transition to GST, one section getting more impacted is the exporters. This is so since they receive considerable amount of money back as tax refund from the government and the same is getting postponed with the extension of deadline for filing of GST returns. So, how exactly has GST affected exporters more than others.?? A look at the issue..
There is still some lack of clarity with regard to inter-state sale of goods which is covered by integrated GST (IGST). If a business is selling goods to another state, he would have to pay the applicable tax under the head IGST and not CGST and SGST. This is collected by the centre and subsequently shared with buyer state equally.
The much awaited transition to GST has finally happened and appears to be getting settled. While the legislative changes with laws being passed separately by all the states, formation of GST council, formulation of rules etc were one aspect of GST, equally serious challenge is its implementation, a task being handled by GST Network (GSTN). While transition appears to be smooth, the acid test of IT infrastructure would be when the businesses file the return for the month of July. A look at how GSTN prepares to handle the task…
The countdown to the implementation of Goods and Services Tax (GST) has begun with Bihar becoming the second state to clear State GST (SGST) bill today after Telangana. The Parliament has already passed the centre GST (CGST) and Inter-state GST (IGST) late last month. A look at the bill and various complexities attached to it..Continue Reading