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The upcoming goods and service tax will prove beneficial for many states and also for the Uttar Pradesh as the latest statement being recorded from the Governor Ram Naik. The official mentioned this on the convention of the Commerce Tax Service Association and also added that this will become a lasting success for both the state government as well as central government.
Goods and services tax is just doing well in its approach towards the national financial and economic structure. Various experts have sorted out different ways in which the procedural and the working of business will get affected and will adopt a new course of working under the GST regime.
The apex body along with the responsible team of ministers and tax officials will be organizing a meeting to discuss and finalize the service tax under the GST.
The government is restructuring every possible move to synchronize with the upcoming GST regime, now the center is validating the point to keep the GST rates for a section of the product as neutral as possible.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
Xiaomi, Asus, Motorola, Lenovo Oppo, Vivo, Infocus are some of the smartphone manufacturing companies which are building offline retail chain in the view of the equal marketplace on both online and offline after the GST comes into the picture.
Goods and service tax is a widely popular taxation scheme all around the globe starting from France, as the country was the first in introducing a detailed and modeled GST scheme.
The former finance minister P Chidambaram has finally shared some views regarding the implementation date of Goods and service tax in India, as he said that October 1 will be the suitable date for the implementation of the new tax regime as the minister called it as a realistic deadline as of now due to the various factors prevailing in the market.
Former President of the Confederation of Indian Industry and Veteran industrialist Adi B Godrej has whipped hard on the extension suggestion of goods and service tax in India being pulled out by various industries and individuals by directly tagging them as the tax evaders. The noted industrialist has given his concerns over the postponement of the GST as a ridiculous suggestion by the minded people of the market.
