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Mobile phone manufacturers have appealed the finance ministry to continue the differential duty structure and the benefits from it. The phone makers fear about the casualty caused after the implementation of the GST in April 2017.
Talking about the levy of excise duty, the Finance Ministry said on Monday that there is no legal infirmity in the notifications issued by the government in context to the GST Constitution Amendment Act.
The income tax department has started issuing notices to the merchant navy personnel, seeking them to pay taxes on behalf of the money earned in the duration of work on Indian or foreign vessels. Till date, the merchant navy personnel didn’t pay their taxes in India and enjoyed all the benefits similar to non-resident Indians. The notice started to circulate when the June judgment of an income tax tribunal in Kolkata suggested that the merchant navy personnel are eligible to pay their taxes in India.
As the Government is preparing to roll-out the GST law by April 2017, the newly formed GST council has started considering some mechanisms in order to assure proper functioning of the GST regime. The govt is considering a price-monitoring mechanism under the goods and services tax (GST) to ensure that the benefits get applied effectively on any unwarranted price shocks. Meanwhile, the states are also showing their interest in the regulations carried away by the council over the GST.
The passage of the long-pending in both houses is no less than a milestone for a country like India. The govt expects that the GST law will bring the economy on track and the new tax reform will assure hassle free taxation system. The 122nd constitution amendment bill received President Pranab Mukherjee’s nod on Sept. 8 this month. Following this, the govt is striving to conquer the deadline of April 1, 2017. Recently, the GST council was formed over the decision taken by the union cabinet headed by Prime minister Narendra Modi.