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The central Government bodies of the country are currently working with exporters and importers to prepare them for the upcoming Goods and Service Tax (GST), which is going to be implemented from 1 July 2017 in India.
In the views of Ajit Ranade, the Chief Economist of Aditya Birla Group, GST must ideally have only two slab rates instead of multiple tax rates.
Earlier, the role of CFO was limited to managing accounting and capital expenditure but now in the modern era, his role has been widened. It has become more strategic to meet the challenges faced by the Indian economy. As studied by various experts upon this particular role into an organisation, there was uncovered a new story.
Few days before the launching of GST Regime the government on Wednesday disclosed that the taxpayers are required to submit only one return in a month similar to the taxpayers do earlier.
Recently, the government have made some relaxed rules and regulations for the home-buyers and has also asked the builders community to take care of the newly incorporated laws. But recently it was surfaced through sources that the builders are not doing what the government has asked them to do, in fact they are making an exact opposite action of it.
On Tuesday, The Central Board of Excise and Customs (CBEC) has taken one further step and create anti- profiteering body in new GST Regime. As per the Anti- Profiteering Rules declared on Tuesday if any business firm fails to pass the benefits of lower tax rates to consumers must have to face penalties and cancellation of licence in new GST Regime.
Finance Minister Arun Jaitley said on Tuesday, small business industries have been provided sufficient time to get ready for the new GST Regime from 1st July.
Good and Service Tax (GST) is one of the biggest tax reforms since Independence and is going to implement from 1st July. Traders and businessmen across Gujarat, including Surat, Ahmedabad, Morbi, and other industrial hubs are expressing opposition to the new taxation regime.
India is eyeing upon its most ambitious tax reform on the coming month of July which is speculated to be similar like one it was seen in the independence era. The GST is said to eliminate all those cascading effects of taxes which was putting a heavier instance on every movement in the market.
