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While exhibiting the Union Budget 2017-18 in the Lok Sabha, Finance Minister Arun Jaitley Today said the government is ready for implementation of the Goods and Services Tax (GST) and will start reaching out to the industry very shortly by April 1 to spread awareness about the GST regime.
As the Government is preparing to present the Union Budget for 2017-18 on Feb 1, some of the major IT manufacturers and tech companies are bracing the upcoming GST regime and also demand that the excise duty should be restructured in a more feasible manner.
Finance minister Arun Jaitley may likely look into the service tax rate hike to 16-18% from the current 15% in the upcoming budget session, scheduled on February 1, as an effective measure for the GST roll-out.
A senior official said that the Goods and services tax will benefit the warehousing sector with ongoing taxation issues in logistics and transportation expected to be sorted out.
The GST is ready to mark its footprint in India and there are several reason and questions regarding the implementation of the indirect tax regime. The CBEC officials recently raised concerns about the job losses due to the change of the nature of the job.
Today tax officers will observe the Monday as a ‘black day’ and protest against the decision taken by GST council. The protest will show their dissatisfaction with the decision.
The GST is going long, on all the parameter to showcase its importance and here on 26 January parade also saw its light glimpse, as a magnificent and knowledge offering tableau was given space on the Rajpath to give an insight upon the upcoming taxation regime which has believed to be potent of transforming India into a better nation.
A fleet of members from the association of Indian Revenue Service will be raising an issue in front of the apex body of GST and center for the rights which this offers inherit naturally. The association has confirmed a meeting with the union minister Arun Jaitley and other ministries to resolve their issues and some natural challenge that these officials will try to force and implement within the GST council.
The goods and service tax will be giving away some of the hardships to sectors and industries which are already having some struggles with the endurance. In this consideration, the union minister Venkaiah Naidu has raised his voice for the newspaper media sector.
