Search results for: GST regime

The government is pressurizing to all the Members of Parliament and State legislatures to start spreading knowledge & awareness of Goods and Service Tax (GST) Regime across the country. Union Finance Minister Arun Jaitley has requested to all political parties to clearly understand the concept of new indirect taxation regime and also provide help or support to people, industries, businessmen whenever it is required. In a letter, Jaitley presents his views in the front of several political parties and said that he want their cooperation for the implementation of new GST Regime in India, which is going to implement from 1st July.

The Union Finance Minister Arun Jaitley on Saturday has finalized the GST (Goods and Services Rates) for frequently used items, which includes footwear, gold, biscuits, textiles and apparels. Apparently, it was seen that these common items are kept in strange rates as the usage makes them special and the rates covered upon them might take a hit.

The Central government is forcing to implement Goods and Service Tax (GST) from 1st July but there is always something which stops its way. Under the new GST Regime, GSTN is one of the IT platforms which helps to perform any kind of GST activities which was developed by the mutual concern of Government and Private IT company. State Government, as well as several stakeholders, was disappointed with the readiness of IT platform as it seems that it is still under working phase.

The government has finally taken a step towards the clarification of backdated tax credit being due within the transition towards GST scheme. In the latest notification, it is said that all the retailers and traders can declare filing within 90 days and claim a tax credit for transitioning of the stock after the implementation of the GST.

On the contrary side of Union finance minister who has backed upon the preparedness of Goods and services tax with reasons and fundamental sources, the BJP leader Subramanian Swamy has tweeted against the implementation of GST on its pre-scheduled date.

The Maharashtra Navnirman Sena (MNS) has requested to the Central Government that sanitary napkins should be exempted under GST Regime. MNS leader Shalini Thackeray has met with the finance minister Arun Jaitley to discuss this issue. The Government has announced 12-per cent tax rate on sanitary napkins under the new indirect taxation structure, which is going to be rolled out from 1st July.

As everyone is well aware of the complex GST framework and its upcoming requirements for the settlement among the Indian economic environment, it’s now the banking sector who have raised the hands in front of extremely rigid and tedious GST regime. The Indian Banks’ Association (IBA) which is a governing body of management of banks operational across the nation has cleared out that numerous banks are not fully ready for the upcoming GST scheme.