Powerd By SAG INFOTECH
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The CBEC chairman is still figuring out the ways in which the GST will disrupt and change the taxation norms but one thing is pretty sure according to him that the taxes will increase a bit from the current rate. CBEC chairman Najib shah mentioned that That is our belief (that the current level of taxation will not lessen at least for first five years. It will be the same, that’s our belief, and it will increase a bit.
The government of India brought some agriculture portion under GST regime like contractual farming from which big retail chains & Quick service restaurants (QSRs) may see their impact as they provide contracts to a farmer for growing specific agricultural products which directly sold by them in malls would now attract GST.
The problems of Indian Telecom sector is about to risen up after the implementation of Goods and Service Tax in July. The industry is currently operating in 22 licensed service areas, which will then have to face multiple jurisdictions while paying GST. To avoid this issue, the industry wants to be taxed after the collection of the revenues at one place, just like banks.
The Anti profiteering rules are stated by GST council to keep tax evasion and MRP rules under check. Goods and service tax is a wide tax scheme which has the target to engulf almost every taxpaying entity under its net.
The market is flourishing with the latest and updated share of software and tools to help and assist the taxpayer with return filing and registering on goods and service tax but now the concern is shifted towards the government’s initiative of making an offline tool for the taxpaying entities.
The Traders association Confederation of All India Traders (CAIT) has raised an issue against the low level of technological assistant available for the traders across the nation which can combat the upcoming GST prerequisites of the online establishment of the structure.
In a very progressive step taken by the SAG Infotech Pvt. Ltd. to unveil its ambitious upcoming project, the reputed organization has officially conveyed refined details on its latest GST software being formed by its promising team of developers. The event was organized at the prestigious, Pink City Press Club situated in the heart of the Jaipur city at tonk road. The event was a success as all the guest invitees have truly acknowledged the usability and importance of the software.
The goods and service tax has been taking a toll on various sectors in the fact of its multi favoring on the economic aspects. Still, there are some provisions on which the GST is working and in which it is ensured that a flawless tax credit is supposed to enter along with the safeguarding against the tax evasion practices. But, the twist turns out that the same provision can prove damaging to the small and medium traders and business organizations.
The GST will definitely do some good towards the economy and the nation but still, the carefree chances take upon some the sectors and the inflation. Surprisingly the administration is by all accounts arranged for goods and services tax (GST) yet the corporate world is by all accounts thinking about the control.
