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In line with the commitment of the Government to liquidate all pending GST refunds, the Central Board of Indirect Taxes and Customs ( CBIC ) has successfully concluded refund fortnight cum special drive from 15th March 2018 to 31st March 2018.

The facility to opt for the composition scheme by filing intimation in Form GST CMP-02 for FY 2018-19 has been closed by the Goods and Services Tax (GST) portal on 31st March 2018. Taxpayers, who wish to avail the composition scheme had a chance to do so before 31st March 2018.

Ludhiana, Apr 2 (KNN) The problem of refunds under the Goods and Services Tax (GST) and the absence of state government support is proving to be fatal for the Micro, Small and Medium Enterprises (MSMEs) in Punjab, Federation of Punjab Small Industries Association (FOPSIA) said.

Even after nine months of unveiling the GST, the system continues to be unsettled, and there is a palpable sense of uneasiness among the governments as well as businesses. The “good and simple tax” has ceased to be so, and the “one nation, one tax” is yet to materialise in proper shape.

The e-way (electronic way) bill system under GST (Goods and Services Tax) for inter-state movement of goods came into effect on April 1. GST e-way bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding Rs. 50,000, as mentioned by Central Board of Indirect Taxes and Customs (CBIC).

In what gave some credence to the government’s claim that the crackdown on black money through various means including demonetisation has boosted revenue buoyancy, direct tax collections grew 17.1% in 2018-19, the fastest pace since 2010-11, while the goods and services tax (GST) collections, though much below targets, appeared to gradually recover from the December trough.

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