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GST has been coming on its way towards the Indian national taxation scheme and would find its position well settled next financial year and the preparations are heavily under work.
Automobile industry body Society of Indian Automobile Manufacturers (SIAM) has suggested the government to prefer a standard GST (Goods and Services Tax) rate on small cars.
There has been a lot of positive vibes coming from several agencies who have been researching over the Goods and Service tax implementation and its after-effects on the nation. In this direction, Rating firm Crisil has suggested that strong boost to India’s domestic consumption in 2016-17. The implementation of 7th pay commission, with reforms like the Goods and Services Tax (GST) to benefit the overall stream.
The disagreement emerged between the states and Centre regarding the Centre’s administrative control of service tax assessees, which was earlier accepted in the first meeting. The council didn’t accept the points noted down on the first meeting which was held on 23rd September.
Presently, the department has been assigned with three priority tasks such as submitting recommendations to frame the State GST Law and rules/regulations, training the appointed officials and building a back-end processing system. According to sources, the department is indulged into preparing suggestions for the enforcement of the new tax law. It will take two months of time to complete.
GST is the biggest tax reform in India after the Independence. We have taken almost 60 years to pass a tax bill in which a uniform taxation system will be implied to all over the nation.
As the Government is working on the 4-slab rate, somehow the Government would be synchronizing current exemptions schemes with upcoming GST regime as for some better reason and has declared that it would be that it is pro-poor with 50 percent of essential goods and services exempted from any tax.
Recently the Cabinet Ministry has given their approval for the establishment of GST Council, notification regarding the establishment of Council was issued on Saturday the 10th day September 2016 and the provisions came into force on Monday the 12th day of September 2016.
The GST regime is likely to witness the entry of the petroleum products, including crude. The step has been taken to put down the inflation pressure under control after a deep thought over the said consequences.
