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.

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