The GST will bring with itself a revenue loss of about Rs. 60 Thousand crores to the center for discarding all the other 16 types of cess and sur-charges from the list. The list also includes Krishi Kalyan cess and Swachh Bharat cess also. However, the cabinet has given the permission to modify in the custom and excise act which has cleared the way of Goods and service tax. In the customs act 1962 amendment, now in every export and import a furnished detail is necessary to align with the file.
The act has now given a series of impact in which most significant is the revenue loss and the government must utilize other sources of income to fulfill the losses. The goods and service tax is an ambitious taxation regime after the independence which will subsume various other indirect taxes inorder to make the system less complex. Recently the GST council approved legislation and draft bills related to the Central GST and State GST along with a newly incorporated Union Territories GST to include the union territories also in the GST ambit.
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Various campaign and events are being organized in various states to aware the taxpaying community along with tax department about the upcoming goods and service tax. There is some protest along the way in the central tax department so as to save job loss which might emerge after the implication of the GST. Many companies and industries are watching to benefit from this opportunity and have started to invest in the Indian shores to get instant appreciation from this bog move. The government has prepared a full operational IT structure termed GST Network in which an online portal will be ready to use for all the tax filling and data management. The portal is accessible by every taxpayer, stakeholders and the governing authorities for mutually connect with every other entity.
