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After the announcement of Goods and Service Tax (GST) Rate by Government of India in GST Council Meeting, Amusement Park and Electrical Firms are falling under the 28 percent slab rate in the indirect taxation structure. Both of the sectors are now requesting to the Government to impose a lower tax rate under the new GST Regime.
As per the recent findings, Tata Steel is now capable of selling Kalinganagar products across India under GST Regime. GST is going to roll out from 1st July 2017, and the year is good for Tata Steel also as it will bring more liberal operations in its company. Along with the introduction of new indirect taxation structure, TATA steel can now sell their finished products from its Kalinganagar steel plant in Odisha outside the state across the nation.
The government has been trying to make every sort of channel to bridge the gap between the taxpayer and the government sources to cherish the upcoming GST in a healthy way. In this direction, the government has started a new Twitter handle for the general public to resolve any queries regarding the Goods and services tax.
India is making full efforts on implementing indirect taxation structure system. It is similar to State Good and Service Tax (SGST). Tax-free zones are some specific areas in which business enterprises are exempted from paying sales state tax and will be eligible to claim the refund under new GST Regime.
One common unified tax will be applicable after the introduction of GST. GST Regime will replace octroi duty and nearly 1,300 employees of the Brihnamumbai Municipal Corporation (BMC) will be fired from the job. People who are working in the Octroi Department which include five check posts at Mumbai’s entry-exit points will be jobless.
The GST is in the queue for the implementation and every corner of the financial corridors are now talking about its registrations which will be going to re-open on 1st of June to ensure the remaining taxpayers get registered under this new tax regime.
After the implementation of Goods and Services Tax from 1st July 2018, it is expected that service tax increase by 3%. The expense ratio is the measurement of the cost carried by the investment company to operate its mutual fund. The expense ratio of Mutual Fund houses across the globe also goes up by 3%. The small Mutual Fund (MF) distributors whose annual earning of up to Rs20 lakh will beneficial with the implementation of GST.
GST specialist is a new term in the financial sector of India and has been under recruitment demands as the Goods and Service Tax is approaching towards the nation. The recruitment firms are searching financial experts and specialists in the taxation and financial field to cope with the industries accounting needs.
The provisions are never ending and now the government has directed that the small vendors listed on the e-commerce giants like Flipkart and amazon will have to pay a GST in advance under the goods and services tax scheme when they get their payments even if they fall into the exempted series.
