Well, ever since the implementation of GST (Good Service Tax) in India, there has been un-rested chaos and myths revolves among the experts all over the nation. In fact, government too making things simpler by conducting various council meetings in order to update the GST structure for smooth operations.
Recently, the GST council meeting conducted by the Finance Minster Mr. Arun Jaitley ended up with various tax cut on about 29 items in order to bring relaxation for the middle class families. The 29 items also includes the bio-diesel products, buying & selling second-hand vehicles and more importantly it mainly tends to simplify the tax return filling process carried by the business people. As per the data released, here after people who are all purchasing second-hand medium/large cars including SUV’s can enjoy the GST tax reduction from 28% to 18%.
In addition to those, the council members are keen to drag the petroleum products under the shed of GST along with the real estate. If it comes means there would be the uniform price tag for all petroleum products all over the nation. The idea of inclusion of these two items on the next council meeting was given by the FM Arun Jaitley.
E-Way Bill System
The Minister also added that, the inclusion of E-way bill system among the inter-state transportation under the GST will be implemented from the 1st of February 2018 in order to overcome the anti-evasion measure. Meanwhile, the financial experts all over the nation has requested the government to ensure the e-way bill system works bug-free before getting implemented. As per their view, the government IT system is not totally ready to handle such uniformed digitalization of E-way systems smoothly, it will leads to supply chain bottleneck situation in near future.