Taxation

GST Returns And Collections on Rise – Taxpayers Response to Reforms!

A lot of hue and cry was witnessed in the past few months after the implementation of triple tsunami GST, demonetization and RERA, thus leading to stagnation in the growth rate, abject unemployment and stifling trade. 

Though these stringent policies made us think about Modi’s promise about acche din as a distant dream, but it definitely brought the much needed structural reforms. The benefits outweighed the negative environment.

Statistics unfolded abut GST Returns in October 2017

According to the statistics, GST council has reported 43.68 lakhs GST returns till the month of October, which is the highest in the last 3 months. Also, the government is pushing the envelope to bring in the required changes like timeline extension so that they can facilitate more businessman and tax payers.

Around, 14.76 lakh GST returns has been filed after the last day of filing for GSTR-3B. As told, the government is mulling towards improvement measures so that there is ease of filing the returns.  Chief Advisor gave another hint about GST rate structure. Now, the 18% and 12% tax slab may combine and 28% will be reserved for demerit goods.

All these reforms have definitely obfuscated the pessimism and brought the larger picture of positivity in mind.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay updated with latest news on finance, taxation reforms, stocks, currencies, trading, global markets and many more.

Are you finding it difficult to manage your personal finance? Know your best opportunities of investments and savings with expert analysis and latest updates.

Copyright © 2016 Finance Minutes

You agree to not make actual stock trades based on comments on the site, nor on any techniques presented nor discussed in this site or any other form of information presentation. Finance Minutes will not be held liable for any losses you in occur while trading. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. All information is for educational and informational use only. You agree to consult with a registered investment advisor, prior to making any trading decision of any kind.

To Top