Search results for: GST regime

After the spending, three days of Goods and Services (GST) Regime in India Cabinet Secretary PK Sinha on Monday conducted a review meeting to evaluate the stock after the implementation of new indirect taxation regime. The Cabinet Secretary has asked from all ministers and departments to give their views about the new regime.

After the implementation of Goods and Services Tax Regime about 22- states have terminated to pay border commercial tax at check posts embarking a big step towards which “one nation, one tax, one market”.

Newly launched Goods and Services Tax (GST) Regime is one of the hottest topics for conversations in social media. Within two days of launch, Twitter received nearly 1 million conversations which indicates the sentiments of people towards the nation and the biggest tax reform.

The new Goods and Services Tax (GST) regime finally came into existence from 1st July. Several years ago, the phrase “tryst with destiny” was spoken by the first Prime Minister, Jawaharlal Nehru in 1947.

Traders of electronic items in Old Delhi opened their shop’s after the four days of the strike (bandh) and finally the new Goods and Service Tax (GST) Regime came into existence on 1st July. However, traders looked depress towards new change.

According to a report by broking firm Bank of America Merrill Lynch BofA-ML, says that, India is set to enter into biggest tax reform today midnight, people who are running small and medium enterprises (SME) still have no idea how the Goods and Service Tax (GST) regime impact their business or product prices.

While addressing speech in the launch event President Pranab Mukherjee said that, GST is a disruptive change, initially the country will have to face some teething troubles that will solve promptly, so that the economic growth of the country will not get affected.

From 00:00 AM of July 1, 2017, India started a new journey along with a new tax regime under Goods and Service Tax, on which the leading industrialists and top businessmen of the country expressed their support for the sweeping tax reform that is believed to provide a great momentum to the economy of India

The GST (Goods and Service Tax) has been termed as a great reform achievement of the GOI (Government of India) by Takehiko Nakao, the president of Asian Development Bank. But he also suggested that the upcoming tax regime in the country could also cause challenges on account of some factors such as the multiplicity of tax rates.