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This portal provides effective GST (Goods and Services Tax) news about what is going in the financial world such as filing, taxes, evasion of taxes, etc. The financial news will bring you the knowledge and are helpful for the CAs.
The Blogs on this portal will also tell you about the trending GST news and financial updates whether it might be from any government or non-government portal. You can also stream into the GST articles relevant to the GST REG, the updated scheme for the people of India, and awareness about how to manage or provide consultancy to the people of India in managing their businesses.
The blog will regularly provide press releases of the GST council meetings held by the finance minister of India. Moreover, people can also seek information about the petitions imposed by the applicant and the progress or the result of the cases.
BJP MP Subramanian Swamy said that it is quite impossible to implement the GST completely and value its functionality in a proper manner unless the private companies get replaced with the state-owned companies in the GST network. This will work as a backbone to the new indirect tax regime.
Revenue Secretary Hasmukh Adhia said on Thursday that the small businesses or traders with annual turnover of up to Rs 20-25 lakh will be exempted from Goods and Services Tax (GST), and the Centre and the states will agree on the same shortly.
As of now, 15 of the total states have taken the decision of supporting the much talked about GST bill. Now the turn is for major states and all the eyes are on to them. After the GST bill received approval from the monsoon session on August 8 in Parliament, now 14 states are left to ratify the bill and a GST council will be established thereafter. There are some states that are yet to take up the GST in their legislative assembly and some haven’t shown a sign of support.
Industry demanded 18 per cent GST rate as it finds that the April 2017 deadline is hard and will likely generate tax buoyancy without controlling inflation. Industry also demanded relaxation in the penal provisions. According to the sources, the Industry when holding meeting with the state finance ministers said that it is hard to meet the deadline in 2017 as they need sufficient time to develop the IT infrastructure.
The nation has seen the clearing of GST Bill with much more anticipation and the government was also seen in all support with this new tax regime. After all, the GST has something very special to provide for the citizen of India. The said bill is said to subsume all the current indirect tax prevailing in the country.
GST finally saw its day of light after Lok Sabha also agreed upon the tax scheme to be implemented in the nation. Most of the prominent parties, leaders and general public were seen satisfied with the tax regime as everyone hopes that the Goods and Service Tax will surely bring some prosperity to the economy and citizens.
The most talked bill, GST Bill (Goods and Service Tax) has finally got its position on the table of Lok Sabha. Just to recall, the GST Bill was presented to Rajya Sabha and was passed from there this Wednesday 3rd August 2016. And apart from this, Bhartiya Janata Party (BJP) is also concerned about the arrival of their MPs to get seated in the house while this Constitutional Bill gets discussed and to ensure that the Bill passes away smooth.
GST Bill passed in the Rajya sabha with 203 votes in favour, within the 243 member in house. The GST Bill will replace a raft of all sates and local taxes under a single unified value added tax system in order to make the nation a big single market. The power is in the hands of the centre to levy taxes such as excise and empower states to collect retail taxes.
Since the independence, there was indeed a very deep requirement of a clear and smooth taxation scheme which would make India – a better nation and economy with its all round prosperity and everyone contributing for the same cause.