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200 Days of GST

200 Days Of GST: As Goods and Services Tax (GST) has clocked the 200th day anniversary today, here’s a timeline tracing the important events, success and concerns so far that about the tax reform since its implementation on July 1, 2017. But, as insiders and experts argue, the new tax regime is bracing for fresh disruptions as the next steps in the seminal reform are rolled out. The GST Council meeting is arranged on January 18 and just ahead of Union Budget 2018 presentation is most likely expected to see some major shifts with big bang announcements. In the meet, the industry decided on some important factors like compliance and Return Filing process is the most cumbersome work under GST which to be overhauled as the Industry body expects ease in return filing process.

Goods and Services Tax (GST) has clocked the 200th day anniversary

Goods and Services Tax (GST) has clocked the 200th day anniversary

But some of the firms did not reach the guidelines and tax regime and continued to overcharge customers, and this is under severe check by Anti-profiteering wing of GST. Exporters area of concern is still being looked to and still not managed in entirety as with the latest exports data the concerns are raised back.

These are only some of the broader highlights of GST which has been over the span of 199 days been tweaked several times to serve the Indian economy at a large level better and industry including consumers.

First 100 days of GST:

The goods and services tax (GST) saw manufacturers slow down production in the beginning months and we saw the decrement in economic growth in the first quarter of this tax regime to a three-year low of 5.7%.

Goods and Services Tax (GST) has clocked the 200th day anniversary

Goods and Services Tax (GST) has clocked the 200th day anniversary

In the second quarter, the firms restocked their supply chain and economic growth has raised. But Industries and Businesses were struggled to file returns on time in August, prompting deadline extensions. GST Council raised taxes on cars and tobacco while lowered rates on many mass use items and gave relief to small companies and exporters.

1 July: Prime Minister Narendra Modi and former President Pranab Mukherjee launch GST from the Central Hall of Parliament. The first day of GST witnesses a blackout in sales of consumer durables like cars and refrigerators.

5 August: GST implementation committee reduces the tax rates on a few services and gave relief to small companies and exporters.

17 August: Government extends deadline for filing returns for July to 28 August in cases where a rebate for tax paid in the previous regime is claimed.

19 August: GST Council extends a deadline for filing of returns and to pay taxes for July sales from 20 August to 25 August.

31 August: Finance minister Arun Jaitley indicates a number of GST slabs which could be cropped in future.

9 September: GST Council raises cess on medium to luxury cars and sport utility vehicles (SUVs) in the range of 2 to 7 percentage points.

Goods and Services Tax (GST)

Goods and Services Tax (GST)

15 September: Central Board of Excise and Customs orders verification of large tax credit claims.

6 October: GST Council cuts tax rates on main 27 items and allows duty-free import of goods for export production under two pre-GST era schemes. The small taxpayers with up to Rs 1.5 crore sales allowed to file detailed tax returns including pay taxes on a quarterly basis and it also exempted from paying GST on advances received. Composition scheme threshold raised to Rs 1 crore from Rs 75 lakh in several states.

16 October: A panel set up by GST Council decides to do away with a distinction between air-conditioned and non-airconditioned restaurants.

26 October: Prime Minister Narendra Modi says GST will eventually lead to lower prices which will benefit the poor and the middle class.

10 November: GST implementation committee announces across-the-board tax cuts. GST in 180 items moved from the 28% to 18% tax slab. The rate on restaurants slashed to 5% for all hotels from 12% for non-AC and 18% for AC hotels. Restaurants in five-star hotels remain in 18% slab with tax credits.

28 November: Government names B.N. Sharma chairman of the National Anti-Profiteering Authority.

16 December: GST Council decides to make e-way bills compulsory for inter-state movement of goods from February 1, 2018.

30 December: Directorate General of Safeguards (DGS) launches an investigation into Hardcastle Restaurants Pvt.Ltd, Lifestyle International Pvt. Ltd and Sharma Trading Co. for allegedly not passing on benefits of tax cuts to consumers.

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