Budget 2018: While the Budget did not touch upon legislative changes required in IGST and CGST Acts, the fact that increase in customs duty rates would garner significant revenues, which would offset the decline in GST revenues, is undeniable.
The technology hiccups that the GST portal faced, leading to multiple return filing extensions, made it very difficult for businesses that were already grappling with new rules and rates.
It may end up encouraging small vendors to stay unregistered as registered business take this route to control the tax-chain.
The GST Council (GC) has met 10 times during the past few months and has made remarkable progress on various aspects of the GST legislation.
If there was one thing that was conspicuous in the finance minister Arun Jaitley’s speech on the Union Budget, it was the absence of any major indirect tax changes.
This year’s budgetary changes on indirect taxes would have been restricted to customs duty only, if the GST implementation was from April 1.
GST would be beneficial for all the stakeholders and would provide a much needed boost to the reform agenda of the government.
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