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With the approval of President Pranab Mukherjee on the GST Bill, the Bill has already become an Act in India. It is likely to follow the Government deadline of April 1, 2017. Meanwhile, the govt will utilize the time to form a special GST council to set the GST rates for the different sectors of the Indian economy.
US President Barack Obama on Thursday expressed good thoughts over the Goods and Services Tax (GST) that has been passed by the Indian parliament last month. Obama said that the GST will unleash significant economic activity in the country.
After getting ratified by more than 50 percent of the Indian states, the Goods and Services Tax Bill has been signed by the President Pranab Mukherjee. The Bill has become an Act now. Now, it is all set to be implemented by the proposed deadline i.e April 1, 2017.
GST has become a major tax reform ever in the history of India. It has been in the news almost every corner of political houses and now it’s the turn for small and medium enterprises to join the commune soon.
The government is striving to meet the GST deadline which is proposed on 1 April 2017. The implementation date for the goods and services tax is highly crucial and the Govt don’t want to extend it further as the bill has already been late, said finance minister Arun Jaitley.
Solar power is still a budding sector in the nation with seamless benefits and low-cost operation. After the coming of GST in purview, the industry has applied a plea to the Finance and Commerce Ministry as one should know that the heavy costing by the implication of GST scheme will take the effect long.
BJP MP Subramanian Swamy said that it is quite impossible to implement the GST completely and value its functionality in a proper manner unless the private companies get replaced with the state-owned companies in the GST network. This will work as a backbone to the new indirect tax regime.
Revenue Secretary Hasmukh Adhia said on Thursday that the small businesses or traders with annual turnover of up to Rs 20-25 lakh will be exempted from Goods and Services Tax (GST), and the Centre and the states will agree on the same shortly.
As of now, 15 of the total states have taken the decision of supporting the much talked about GST bill. Now the turn is for major states and all the eyes are on to them. After the GST bill received approval from the monsoon session on August 8 in Parliament, now 14 states are left to ratify the bill and a GST council will be established thereafter. There are some states that are yet to take up the GST in their legislative assembly and some haven’t shown a sign of support.