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The Central Board of Excise and Customs (CBEC) has released an extensive FAQs detailing taxability of e-commerce players and taxi aggregators under the new system. The (FAQ) booklet consists of 268-page frequently asked questions. It has been released by Finance Minister Arun Jaitley, who answered over 500 questions on 24 topics, including scope, valuation, registration, […]
Flipkart, the e-commerce giant has been trying its hands over understanding the new tax reform and has started practicing way ahead of the actual GST roll out. The company has started following the GST guidlines and seems quite keen towards doing business with ease under the new tax reform. As this is a positive step taken by the e-commerce company, this will also give some helpful hint to other similar players in the market to start the practice in-order to prepare for the GST regime.
GST is the biggest tax reform in India after the Independence. We have taken almost 60 years to pass a tax bill in which a uniform taxation system will be implied to all over the nation.
Recently the Cabinet Ministry has given their approval for the establishment of GST Council, notification regarding the establishment of Council was issued on Saturday the 10th day September 2016 and the provisions came into force on Monday the 12th day of September 2016.
Goods and Services Tax will be much more soothing to the nation as it will attract more and more Foreign Direct Investment inside the country. It will also increase the tax compliance which will increase the transparency, therefore creating a trustworthy relation between the business corporates and the government.
The automobile Industry is very hopeful with the GST regime as the government is very cautious particularly for this sector. The industry of automobiles is tremendously big which tackles the manufacturing of a very large chunk of cars and bikes every year.
India’s web of telecom industries is world’s second largest wireless market, which includes over a billion of active users. The scales shown by them shows their efforts to become one of the biggest success stories of the country. Work done by these firms literally have revolutionized the lives
The Goods and Services Tax (GST) regime is now ready to give a boost to the growth of the warehousing and logistics industry in India. New warehousing hubs are set to establish better facilities and better transportation and logistics services across the nation. According to a real estate consultancy firm JLL India, the implementation of GST has played a key role in the development of e-commerce giants and they will be able to choose a wide range of services across the country. It will undoubtedly benefit the logistics corner and offer cost saving on the consumer end. The GST bill has been implemented from 1st July 2017 and the government will facilitate E-filing of GST through online portals for filing procedures. With the advent of goods and services tax, it is also the support of e-commerce industry to further take the industry more worthy. As the scenario has changed a lot, the online shopping demands a firm supply chain to cater the needs of the general public.
The newly implemented indirect tax regime is influencing the agriculture industry and farmers due to the 5 per cent GST rates on agricultural products.
