Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
According to the sources, it is disclosed that the petition has been filed by a group of tax consultants in the Rajasthan High Court against the central and state governments alleging for unpreparedness in implementing the new indirect tax regime.
According to the tax official, it is expected that the GST Council may reduce the taxes on items of common consumption if the government will earn good collection from the new tax regime over the coming few months.
Three major steps were taken by the government in previous year – the Real Estate (Regulation and Development) Act, 2016, Goods and Services Tax (GST), and Demonetisation.
Adverse effects of GST(Goods and Services) regime can be clearly seen over handicraft industries. Census data says there is a huge downfall in handicraft industry from 1996 to 2010. The growth has slashed by approx. 53% which is a drastic price change we can see on hand-made products. Apart from this, the new tax framework also intercepting the growth of the industry.
The government of India, including Centre and States, have collected nearly Rs 92,283 crore from the Goods and Services Tax, the collection amount is the very first month after the new tax regime was implemented in the country, said Union Finance Minister Arun Jaitley.
GST or Goods and Services Tax System has been finally implemented in the country from 1st July 2017. Excluding SUVs and large cars, Indian Automobile industry mostly benefited after the implementation of the new tax regime as there has been a significant reduction in the prices of the new cars across all segments in the GST regime
GST has rolled out on 1st July 2017, now the impacts are explicit on medicine prices. Currently, applicable GST rates on medicines are put in four categories: GST at 0%, 5%, 12% and 18%.
It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
GST intelligence Arm, Directorate general of Goods and Services tax intelligence, has been newly created for the purpose to regulate the money laundering cases in the gems and jewellery sector under the Prevention of Money Laundering Act, 2005.
