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It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
In a movement to restrain the abuse of PAN numbers and stop fraudulent uniqueness, the state has drawn income tax compliance regarding PAN Aadhaar linking. As per the new update, over 12 crore PAN cards remain unlinked with Aadhaar, and almost 11.5 crore have been halted due to non-compliance. For people who were assigned PAN […]
The world-renowned embroidery (Chikankari) industry of Lucknow, which employs more than five lakh people, is in a state of confusion because of the indirect tax system goods and services tax (GST) that has implemented across the country.
After so many chaos and confusion Goods and Services Tax (GST) Regime has been implemented across the country on 1st July. Finance Ministry on Friday has cleared that the education sector will not be affected by the implementation of this new regime and no tax will be levied on the educational services.
The One Nation One tax concept will be adopted by the income tax department on large scale as soon as possible which will eradicate the jurisdiction issue over the assessment.
Goods and services tax will be developing some tough situations for the business units to survive with the hectic compliance issues. As it is speculated that small and weak credit profile companies will be having more difficult issues.
The demonetization drive which was launched last year on 8th November drew a lot of attention from the globe and praised the man behind it, Mr. Narendra Modi, the prime minister of India and the person who courageously shredded away high value 500 and 1000 rupees currency notes in order to curb black money. The black money was said to be stashed in cash with tax evaders from a long time and the time came the government instantly brought the value of those currency notes to zero.
It is uncertain that what if the implementation of the Goods and services tax (GST) goes expensive with inflation goes higher but the government is still assuring the fact, that it won’t be the case in the GST.
Goods and service tax will create an all round difference in the economy as well as in the functionality of business units and in this matter, a various lower business might try to bring down their actual income in the bracket of 20 to 50 lakh in order to save 1-2 percent over the generated tax obligation.
