Today there seems to be an interesting updates on GST, lets read them
- A study released by the Council on Energy, Environment and Water (CEEW) states that considering the removal of existing benefits under GST regime, the solar prices would go up by 10%. The highest impact would be on Rajasthan wherein currently there are no Vat and Entry tax. In order to boost this sector, it is essential that the Government considers giving some exemptions to this sector.
- GST Council is heading towards its 10th Meeting on 18th February, and the key discussion agenda includes Anti Profiteering clause, definition of Agriculture and Agriculturist and constitution of ‘National Goods and Services Tax Appellate Tribunal’ to adjudicate on disputes.
- Anti Profiteering Clause means whether input tax credits availed by any registered taxable person, or the reduction in the price on account of any reduction in the tax rate, have actually resulted in a commensurate reduction in the price of the said goods and/or services supplied by him.
- Seller associations like the All India Online Vendors Association (AIOVA) says that TCS is not at all a concern for them. And secondly blocking of working capital is anyways a concern for them today as well so that TCS portion of 2% would not impact much. Infact the association mentioned that the TCS would be a challenge to those sellers who are evading taxes. Infact introduction of TCS would create a level playing field for all the online sellers.
Hope you are like it! We dont have time to read essay’s and hence our core team makes the updates as crisp and relevant as possible!