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The Media industry in India is known for growth at a faster rate. India is globally the fifth largest media arena. Penetration of smart-phones and the Digital India initiative have led to a spurt of activities in the digital sector.
GST impact on electronics industry is slightly negative as there are many products which are liable to be under lesser tax slab but still reeling under heavy tax pressure.
Education is one of the major sectors of any economy. The education of country’s youth will decide how the economy of that country will flourish. Education promotes understanding, vision, creativity and productivity of people which helps in the advancement of a country. In India, Education is provided with both by the public as well as private sector.
As we have seen that GST is a boon to the Indian economy as it increases the GDP of the country by 2%-3% which in turn increases the no. of taxpayers and leads to increase in tax revenue for the government. GST will favorably affect the Distributors or Wholesalers in the following way:
Government’s recent proposal to consider petroleum products under GST is a welcome move towards the rationalization of GST regime. Products like kerosene, naphtha and LPG will be under GST regime while the other items like crude oil, natural gas, aviation fuel, diesel, and petrol are out of GST regime during the initial years.
GST Department has introduced numerous types of GST return and GST registration forms. In order to clear any kind of misconception or confusion regarding GST return and registration form. We have enlisted in various procedures to get the required forms applicable to individual dealers. We have provided a small flow chart depicting the methods and directions to be used for the fulfillment of the GST compliances:
GST is a revolutionary step in the indirect taxing regime, the most awaited Goods and Services Tax bill got the assent of President on the 08th day of September 2016 and became the Act. GST will be a single window for all Indirect taxes as it will subsume majority of the indirect taxes. GST is the thing which will reshape the Indirect tax structure and impact of it will be seen on its stakeholders. It is expected that it will increase the GDP by 2%.
The implementation of GST in the country creates a menace in the cement industry. GST council decided on a heavy tax rate on the cement industry of 28 per cent which seems to overburden the sector with already prevailing tax entities and developing areas in the urbanization. Prominent cement manufacturers, such as Ultratech, JK Cement, […]
GST, a new era of indirect taxation law is all set to transform the current indirect taxation system which may propose to become applicable with effect from 1st April 2017. GST system is targeted to be simplified, transparent and efficient.