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Government auditor CAG is preparing itself to adapt to the upcoming Goods and Services Tax (GST) regime as new audit methods would be required based on a unified tax system once it comes into force, a top official said today.
India has been an attractive marketplace for prominent Smartphone makers like Samsung, Xiaomi, and Micromax. Now, the GST rates shall be attracting these companies to locally produce phones in the country. All because the new taxation regime could counterbalance the cost benefits to manufacturing these phones in India.
A big time relaxation just showered from the top ministry as it conveyed the news that, GST would not be gulping down the most basic requirement food into its basket. Food processing industry is probably not going to have any unfriendly effect as far as tax assessment under the proposed GST administration as the area will keep on being saddled with existing rates, a top Food Processing Ministry official said today.
GST is one indirect tax for the whole nation which makes India one unified common market. GST is a single tax on the supply of goods and services, credit of input tax paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
GST is not an overnight thought in India and it takes patience to introduce any new tax reform as consequently, it affects the economy and the India Inc needed to prepare for it before hand. GST is the first tax reform after the independence. We have waited for two decades to introduce GST in India.
In this era of digitalization, Smartphones are turning into the important gadget for advanced administrations and help the general public carefully engaged, industry bodies and computerized think tanks recommend Indian government ought to offer more motivating forces to India based versatile assembling organizations.
Without uncertainty, the initiation of GST has ended up being the most critical and extensive taxation change that India has ever observed.
Internet business, telecom, and insurance elements may get away from the perplexing essential of partitioned enrollment in every state under the goods and services (GST) administration, with a room or extension for unique arrangements in the draft law. As indicated by government authorities in the GST Council, the request of service providers, including e-commerce players, for a central registration might be met in the GST rules after dialog with states.
GST the goods and service tax is a reformative financial taxation scheme introduced in Indian constitution recently for structuring all the business units into the database of tax paying organization with equal consideration. The goods and service tax are implemented to subsume all the indirect taxes.
