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As the goods and services tax is approaching towards the nation’s economic heart, many economists and tax experts are believing that the transactional data would soar high after the implementation of goods and service tax in India and will demand the business units to comply with the newly embedded tax regime very attentively and also rigorously.
Finally, the GST has seen the light of its day as the Rajya Sabha has approved each and every bill assumed in the regime to take over all previous forms of taxes prevailing in the country. The major concentration to be focused on the fact that the bills were passed without any amendments which have also given the idea of political consensus over the goods and services tax.
The Goods and Services Tax (GST) has been launched in India, and it has, as expected, affected almost every major and minor business industry in the country.
CBEC newly appointed chief Vanaja Sarna has been doing all round of activities to create an active movement within the department and has poked the field officers to be ready for the upcoming taxation regime with all the potential and responsibility. This also includes campaigning and creating awareness among the trading community and the industries as well. This awareness will be garnered by the short window which will be available before the July 1 rollout.
The CAG (Comptroller and Auditor General) auditors are done with all the rigorous training in the wake of upcoming goods and services tax in India which will be implemented as scheduled on July 1, 2017. But one thing which has confused the auditors the most is that how these professionals will get the access to the GST data for auditing and also where will be the exact department to handle after the GST.
Finally, the draft bills of GST presented in the Rajya Sabha for the discussion as speculated by the GST council and government authorities to wind up the GST procedure as soon as possible. Earlier the Lok Sabha has cleared four significant bills of GST which were relevant to Central GST, Integrated GST, UT GST and GST Compensation bill.
The upcoming GST bill has got into the final transition to get the parliaments accent over all the legislation and the country will be having a great time to implement the new tax regime with seamless benefits. The official sources described that the finance ministry will be briefing the ruling party and all its MPs on the details on goods and service tax.
The government has been trying to impose the Goods and service tax in the said timeline of July 1, but the opposition has been creating all sorts of extension and to take the GST bills towards completion and worthwhile to take the support from their network
The Goods and service tax in India has been rolled out also the government has released the GST return form details which are mandated to be filed according to the GST due dates mentioned in the attached notification.
