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Indian Government finally took a responsive action towards the tax structure and studying in depth situation of the monetary part of taxes which are accrued annually on a meager basis. The tax authorities are giving a humble credit to all those taxpayers who declare their concealed income.
The retail stores owned by the Tata group under the brand name of Croma, are yet to expand further with around 50 more stores in coming five years which will be taking the Infiniti Retail store chain to a number of 140.
The EPCH (Export Promotion Council for Handicrafts) showed its concern regarding the upcoming taxation regime and conducted a meeting with their association’s officials and exporters fraternity to discuss the meaningful factors implied after GST roll out.
GST would be giving much more emphasize on the 8 percent growth of India as speculated by S&P Global. The report said that India GST passage gives us additional conviction around our 8%-ish GDP growth forecast over the next few years.
The government has a big challenge ahead as the much awaited GST regime has an urgent demand of taxation rate on which it will run the taxation network in the nation. In this hustle of preparing a broad taxation scheme the government has to make an estimation of its annual statement of accounts and not the exact corresponding figures.
GST Helpline is a user-friendly mobile application, designed and developed by SAG Infotech PVT LTD. The mobile app has been developed keeping in mind the foundation of Goods and services tax in India. The GST law India is likely to be implemented after April 2017. Several government agencies and sectors are engaging themselves in the preparation of the GST regime. This indirect tax reform shall change the transaction of different taxes between states and central government of India.
GST has been coming on its way towards the Indian national taxation scheme and would find its position well settled next financial year and the preparations are heavily under work.
The commerce ministry is looking to help the exporters, suggesting the finance ministry to take a soft action towards the export industry and continue with GST exemptions which were earlier granted.
The GST taxation scheme would be changing the names of the upper-level department upon its arrival, as the newly suggested name of the department of central excise, customs and service tax can be considered as a department of GST and customs in the direction of the merging department of GST and customs.