Poonam Hotwani (Ex-Employee)

The new Goods and Service Tax (GST) is going to implement from 1st July. The confusion about tax levies on statues and pictures of religious deities under new GST Regime has become an issue of anxiety for sculptors.

Few days before the launching of GST Regime the government on Wednesday disclosed that the taxpayers are required to submit only one return in a month similar to the taxpayers do earlier.

On Tuesday, The Central Board of Excise and Customs (CBEC) has taken one further step and create anti- profiteering body in new GST Regime. As per the Anti- Profiteering Rules declared on Tuesday if any business firm fails to pass the benefits of lower tax rates to consumers must have to face penalties and cancellation of licence in new GST Regime.

According to the Development Bank of Singapore, the country need not to be worried from the new taxation regime as basic or essential items have been placed in zero- rated or exempted category. So, the economic impact of new Goods and Service Tax (GST) will be inflationary with little or less influence.

Under the indirect taxation regime, all other indirect taxes such as VAT, excise duty and service tax will be replaced and the buyer will have to pay a single 12 percent tax, excluding stamp duty on the purchase of house or apartments.

One of the complex taxation structure Goods and Service Tax (GST) Regime will come into force from 1st July. Due to some complexities or problems in the new regime, the government itself is not confident enough how things will work out.

Only 15 days are left for the implementation of new GST Regime and the experts have raised issues that service sector are facing the problems in shifting to new Goods and Service Tax (GST) Regime.

According to three GST providers who spoke with an imminent media house on the basis of anonymous identity mentioned that the new rules, regulations, and revisions made by the Goods and Service Tax (GST) are influencing the new Information technology and cutting down the time available for software testing and security compliance.

The anti-profiteering clause of new indirect taxation structure seems like ineffective with no powers. The government has not framed restrict rules or regulations under this, in fact, suo moto will do more research on the anti-profiteering provision of GST Regime.