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Every business entity which is getting registered under Goods & Services Tax will be provided a unique identification number known as GSTIN or GST Identification Number. Presently, every dealer which is registered under the state VAT law occupies a personal TIN number which is assigned to him by the state tax department. Just like that, the service tax registration number is assigned to a specific service provider by the Central Board of Excise and Customs (CBEC).
On 6th June 2017, the Prime Minister Narendra Modi will take a look on the preparedness of the Goods and Service Tax (GST), which is scheduled to roll out from 1st July. The Prime Minister of India has been continuously in touch with the GST council and has been taking reviews of upcoming tax scheme in order to make sure that the reformed tax regime runs hassle free after the implementation.
West Bengal is opposing not going forward with new indirect taxation regime as scheduled date i.,e 1st July, which may affect several consumers and manufacturers across the state. Though even 75 days after passing of Amendment Constitution GST Bill, it will be applicable by mid- September. All the states and the Centre have to adopt GST Regime and no need to pay several taxes like excise, service tax, VAT, central sales tax and entertainment tax.
The upcoming GST scheme will be affecting a lot of financial services and this is due to new revised rate of 18 percent from the previous 15 percent being levied by the GST Council in its recent 14th meeting in the Srinagar. Although the differences are said to be marginally still there are various sectors, like banking, investments, insurance, real estate and mutual funds which are to be affected by the turmoil of GST.
Under GST Regime, every taxpayer is obliged to maintain different types of invoices. Below are the invoice details based on GST, which includes how to make invoices and when to make invoices.
GST Council has announced Goods and Service Tax (GST) rate, but it also requires some modifications in the upcoming days. Several industries and businesses which include FMCG, Automobiles and traders had been requesting to the Central Government for revising taxation rates. The next meeting of the GST Council will be scheduled on 3rd June 2017.
After the announcement of Goods and Service Tax (GST) Rate by Government of India in GST Council Meeting, Amusement Park and Electrical Firms are falling under the 28 percent slab rate in the indirect taxation structure. Both of the sectors are now requesting to the Government to impose a lower tax rate under the new GST Regime.
As per the recent findings, Tata Steel is now capable of selling Kalinganagar products across India under GST Regime. GST is going to roll out from 1st July 2017, and the year is good for Tata Steel also as it will bring more liberal operations in its company. Along with the introduction of new indirect taxation structure, TATA steel can now sell their finished products from its Kalinganagar steel plant in Odisha outside the state across the nation.
The government has been trying to make every sort of channel to bridge the gap between the taxpayer and the government sources to cherish the upcoming GST in a healthy way. In this direction, the government has started a new Twitter handle for the general public to resolve any queries regarding the Goods and services tax.
