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The GST enrollment process for the existing taxpayers registered under VAT has commenced for migrating into the GST portal. Now, the GST enrollment for service tax assesse will start from 9th January 2017, and it will be completed by 31st January 2017. Reportedly, the number of assesses registered under service tax law is more than 1 million, and these assesses will have to enroll themselves by the end of the month.
The Commercial Tax Department (CTD) has appealed the traders in Indore who have failed to migrate to the GST portal till now. The department officials have warned the traders to cancel their Traders Identification Number (TIN) if they don’t migrate to GST portal ASAP.
The finance minister Arun Jaitley shall reveal the timeline for the much-anticipated tax reform— GST—in the upcoming Budget 2017-18, which would be carried out on February 1 2017. The Part B of the Budget speech, which contains tax proposals, could bring half-yearly estimates of service, central excise duty and collections from other indirect taxes (excluding customs). India is keen to implement GST on or before September 15, 2017.
The Centre for Asia Pacific Aviation (CAPA) stated in its India Aviation Outlook 2017-18 report that, “Although intended to simplify India’s complex tax code, and generally viewed as being positive for the economy in the long term, a higher effective tax rate for economy class air travel could possibly increase fares by 9-12%.”
The GST Council will hold a 2-day meeting, starting from today to figure out the argumentative issue of dual control between the central and state government. Notedly, this is the 8th council meeting since the foundation.
The Society of Indian Automobile Manufacturers held meetings with three state governments in recent weeks. The state government of Maharashtra, Gujarat and Karnataka assured the SIAM members that they will stick to their earlier commitments.
The trade and industrial body, in an announcement, witnessed that the Union finance head declared that GST would be authorized all through the nation from April 1, 2017, or within three months from there on. Tamil Nadu Chamber of Commerce and Industry appealed to state commercial taxes division to assist enlisting VAT merchants into the goods and services tax (GST) enrollment.
Tax Specialists on Sunday said there will be a uniform and one-nation-one-tax in the form of GST effective from April 2017. The experts along with CAs were present at a regional tax conference held with the Joint efforts of Nashik and Jalgaon branches of The Institute of Chartered Accountants of India (ICAI).
Government auditor CAG is preparing itself to adapt to the upcoming Goods and Services Tax (GST) regime as new audit methods would be required based on a unified tax system once it comes into force, a top official said today.