Powerd By SAG INFOTECH
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The GST Council will hold a 2-day meeting, starting from today to figure out the argumentative issue of dual control between the central and state government. Notedly, this is the 8th council meeting since the foundation.
Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute a major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also.
The Society of Indian Automobile Manufacturers held meetings with three state governments in recent weeks. The state government of Maharashtra, Gujarat and Karnataka assured the SIAM members that they will stick to their earlier commitments.
The talks about GST implementations is increasing as the next financial year is getting closer. As we know this act shall subsume all other indirect taxes like Value added tax, Central sales tax, Service tax, Countervailing duty, Special Countervailing duty, Octroi, Entertainment Tax, Entry Tax, Purchase Tax, Luxury Tax, Advertisement Tax, Taxes applicable on lotteries etc.
Micro, small and medium enterprises (MSMEs) sector is much awaited to welcome the all mighty goods and service tax and also being in dilemma after what will be consequences of the same. The issues regarding the INR 1.5 crore limit on the levy of duty on MSMEs. While the same has been challenged to bring at a neutral level that of service tax.
The training well worthy for the upcoming GST regime is going in full fledge as the trainers hired for giving the field officers a skill set to tackle the GST, are ready to operate within the GST parameters. The news has been released in the recent latest data (up to December 17) of NACEN, the 75 percent of total projected officers who were to get the mandated training are ready with their training.
Goods and Service tax is a widely known topic in the financial and economic corridors these days, as both the center and state government are putting their endless efforts in the actualization of this mighty scheme hoping to reform the Indian economic in something better and operation accordingly.
The GST council two-day meeting has cleared most of the GST bills of a model law on Thursday itself, as the union finance minister and state representative are part of the council and having a single focus on this new tax regime. Still, there is a hook stuck on the matter of dual control of assessees in the line but the representatives of states and union head is making a gesture to sort out this one too.
The latest nationwide crisis of demonetization-instigated money emergency has given a toll of reasons to the industries of various genre for getting themselves under the hood for a little while and still the industry needs more opportunity to set itself up for the goods and services tax (GST) and so is not stressed over a delay in its roll-out.
