Search results for: GST regime

The Indian government seems to have a difficult time coping up with the internet faults and the failure to deal with the pressure and load of average 3.5 billion of invoice per month would demand a humongous IT structure solidarity from the authorities for which the government has not prepared at all.

The major revenue department CBEC is tensed and also gearing up for a better and far reaching campaign regarding the migration of taxpayer into the GST. The department is pleading to the taxpayers for migration into GST by end of this month in order to avoid any issues later on.

India is about to create a huge taxation system with the help of information technology in processing and generating an estimated 3.5 billion invoice per month and has eyes upon the predetermined deadline of July 1st.

Upcoming GST regime will be giving some serious authority to the GST officers to make a vigilant and strict move towards the fickle minded business units. The GST regime in its provisions and clause gives the power to the GST officer to term 5 years of jail to any convicted businessman in the case of proved conviction. The GST officer can also impose a heavy penalty over the particular convicted businessman or trader who is booked under the tax evasion case by the vigilant team.

The latest research by a US Federal Reserve paper says that the goods and services tax (GST) can lift India’s GDP development by up to 4.2 percent, two-fold the past gauge – as lower taxes on manufactured goods will knock up output and make items less expensive.

India is going on the path of development at a fast pace and to move forward and make it more competitive, it must include reforms and strategies in its taxation and financial system. The country will be soon going to see the new tax regime, GST in order to facilitate the governance and economic condition of the country.

As the GST is coming to redefine the economy of India, its service providers also geared up to face the challenges being thrown by the operation and implementation of it.

Now the GST mandates all the goods lost, stolen and gifted to be maintained under the new taxation regime coming from July 1 most probably.

Goods and service tax is approaching with queries solved in its pack, while it may create some upheaval upon implementation, but it is quite essential to create one. In the last year of discussion among the automobile association with the ministry