Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Nagpur is one of the states that will be profited with the implementation of Goods and Service Tax Compliance in India because it is located in the centre. Aniruddha Ghude, the chartered accountant, said that, To avoid unnecessary logistics costs, companies will be bound to set up manufacturing plants around the city because of its central location.
The SME (Micro, Small and Medium Enterprises) sector of India is going through a major growth phase and is also considered as a significant leader in the expansion of the economy for many years. And by the statistics provided by the SME Chamber of India, the SME industry is a major contributor with almost 45 percent in the industrial output and making 40 percent of the exports.
Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises.
The nation is working day and night to implement goods and services tax and is making sure that every step must be smooth and hassle free. In between the opposition Congress questioned about the ease of doing business after the GST.
Goods and services tax in India will be very much positive for the automobiles sector as the tax regime holds the efficiency to remove the cascading effects of the current tax scheme.
As per the reports, the pharmaceuticals industry has already started to de-stock and also returned their stock to the supplier companies for that same reason. Also, the GST council has given that the daily necessary items would be in the lower category of tax which has hinted the traders to de-stock their already available stock within their premise.
Goods and service tax is approaching towards its scheduled deadline and is in the headlines of every news and publishing. While there are various queries and doubts regarding the information and rules regulation, there are general FAQ’s which might solve the questions of public in a easy and simple manner.
The upcoming Goods and services tax will be running on IT platform and the supportive tools like GST Suvidha Provider (GSP) and Application Service providers (ASP) will be the significant players in the success of the tax regime. Here we try to explain these two important part of the GST network which will be the centre platform to hold all the tax data.
The upcoming goods and services tax has created a lot of puzzle in various sectors as the tax rules and implications will be changed and the effect will take some time to settle down. The medicine industry is also taking some setback just to ascertain the real impact of the GST on the business and has been holding stocks for avoiding the chances of losses in case of any sudden rate change.
