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Section 7 of Modal Law GST, The charging section provides that all intrastate supply would be liable to GST, Rate of Taxes, Manner and collection of Tax and the Person who are liable to pay such Tax.
Talking about the introduction of GST in the Jammu and Kashmir State, Union Minister of state Jitendra Singh mentioned that, the introduction of Goods and Services Tax (GST) in Jammu and Kashmir would help boost the economy of the state, The provisions in GST will certainly boost the economy of the State and put it on the track to emerge as a part of the global economy towards which India is heading.
A charge of nearly INR 500 crores as a service tax will be paid annually in the consideration of Goods and Service Network by the central government. The previous thought was to obtain this amount from the taxpayers only, but as a good faith, the government decided to pay the service tax itself. GST Network […]
The tourism industry is going in a miserable position as many of the expectations are sticking towards the upcoming GST. As speculated the GST council fixed tax rate over the hotel and tourism industry close to 28% along with full input tax credit return which is considered very high in terms of the highly volatile market.
Retailer association of Indian community has given a consent that the upcoming GST rate must be close to the current rate of tax applied to the market. A statement from the association was that The delegation emphasized the need to transition to Goods and Services Tax (GST) at rates as close as possible to the current effective rate of tax.
Finally, government has cleared off some clouds over the blur issue of taxation rate. The tentative rates were being generalized after the first-day meeting of the GST council headed by Finance minister Arun Jaitley. The rate of taxation has been running under the row and would be improvised soon.
GST regime has been on its way towards the implication, and in this journey, the dream work of UPA government caught a seizure. Large Taxpayer Units are now in the black zone and will be closed down as soon as the new taxation regime comes into force.
GST council pre-decided meeting turns out today for some crucial decision which will infiltrate the Indian economy and its financial structure from now onwards. The main agenda has turned out to be the final taxation rate on which the GST will be operational while other issues like compensation and service tax assessment will also be looked upon. All the state finance ministers will be a part of this significant meeting.
BJP ruled states has taken a matter seriously of GST council which kept a section of assesses of the Goods Tax and all assesses of Service Tax under the exclusive control of the Central government. A protest has been scheduled on 17 October at Delhi which will demonstrate the discontentment of the employees by this course of decision.
