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GST will be soon actualized in the nation with having seamless opportunities for the business community, but it seems that Jammu and Kashmir business community will be having a tough time to deal with the upcoming tax regime due to its autonomy rode financial state.
People who are interested in collecting stamps and coins have sent a letter to the finance minister Arun Jaitley. They requested to Arun Jaitley that their hobbies should not be kept under the slab rate of 28 percent tax on Goods and Services Tax.
Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises.
In a few more days to go, the most awaited goods and services tax (GST) will be discussed within the authority of GST council headed by the union finance minister Arun Jaitley and state finance minister along with the leaders of the Union Territory in Srinagar on 18-19 May to conclude upon the taxes of various goods and services and will fit them accordingly into the four tax slabs introduced previously.
Goods and services tax in India will be very much positive for the automobiles sector as the tax regime holds the efficiency to remove the cascading effects of the current tax scheme.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
There are various provisions in the GST and their work-ability is only understood by the apex officials who have worked upon the tax regime and has tried every possible way to make it happen. Recently Union finance minister Arun Jaitley stated that the quarterly filing of the return is not feasible and can not work for the taxpayers who has a turnover of above Rs. 50 lakhs.
The new GST regime will be enforcing numerous tax compliance along with the strict prosecution which will further lead to demand GST jails in every state as stated In the meeting of the Punjab State Trade Board, the State General Secretary Sunil Mehra, District President Radheshyam Ahuja, Vinod Bharti.
At a very positive note by industry experts, the GST is supposed to bring sheer blessings to all the Indian IT companies providing software products in the field of taxation. A pool of intelligent minds of the market was behind the comments and have also assured that the GST regime will take a total opportunity figure up to a staggering Rs. 6000 crores making the opportunity much more similar to the Y2K phenomenon at the corner of the millennium.
