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India is making full efforts on implementing indirect taxation structure system. It is similar to State Good and Service Tax (SGST). Tax-free zones are some specific areas in which business enterprises are exempted from paying sales state tax and will be eligible to claim the refund under new GST Regime.
GST Service tax rates are also into the pipeline and slowly they are coming into the announcement. The GST council has finalized the service tax rates on the 2nd day of its 14th meeting at Srinagar. It is worthy to notice that the education and healthcare sectors have been exempted from the service tax of GST.
The upcoming Goods and services tax will be running on IT platform and the supportive tools like GST Suvidha Provider (GSP) and Application Service providers (ASP) will be the significant players in the success of the tax regime. Here we try to explain these two important part of the GST network which will be the centre platform to hold all the tax data.
According to the media sources, today Finance Minister Arun Jaitley has promised that not to spring any surprises in fixing the taxation rates under the execution of new GST law, and also said that they will not be significantly different from the current levels.
Rajasthan soon will get the real feel of Goods and Service Tax (GST), as a beta launch of the software has been announced from May 1. For this, a simulation centre has also been developed in Jaipur city, where real-time data will be analysed for any loopholes and to strengthen the technology.
The government has urged the businesses to register themselves online for GST instead of seeking external agencies or third party services after the GST registration expiry on April 30.
In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
In an official meeting with Telangana Finance Minister Etela Rajender, the delegates of All India Gems & Jewellery Trade Federation (GJF), demanded that Goods and Services Tax (GST) on jewels should be capped at 1.25 percent.
People across the country may have to spend more for smartphones from the upcoming financial year due to having additional duty proposed in the new budget. The prices of the handset are expected to be increased because of the two percent additional duty imposed on the PCBs (Printed Circuit Boards) from April 1.