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Everyone knows that the banking sector is one of the biggest service sectors in the nation and after the implementation of the goods and services tax in India, it will have to indulge in lots of hard work to make Goods and Service Tax (GST)-ready for their sector.
The government has been trying to make every sort of channel to bridge the gap between the taxpayer and the government sources to cherish the upcoming GST in a healthy way. In this direction, the government has started a new Twitter handle for the general public to resolve any queries regarding the Goods and services tax.
After the implementation of Goods and Services Tax from 1st July 2018, it is expected that service tax increase by 3%. The expense ratio is the measurement of the cost carried by the investment company to operate its mutual fund. The expense ratio of Mutual Fund houses across the globe also goes up by 3%. The small Mutual Fund (MF) distributors whose annual earning of up to Rs20 lakh will beneficial with the implementation of GST.
In a bid to roll out smooth and hassle free Goods and Services Tax from July 1st, the tax authority is on their toes to avoid any kind of mishap under the working of this ambitious tax scheme.
Soon after the GST council decided the tax rates which have to apply to the goods and services, it is speculated that there is a danger of an imbalance between the different sectors of transport related to GST rates.
The provisions are never ending and now the government has directed that the small vendors listed on the e-commerce giants like Flipkart and amazon will have to pay a GST in advance under the goods and services tax scheme when they get their payments even if they fall into the exempted series.
GST Service tax rates are also into the pipeline and slowly they are coming into the announcement. The GST council has finalized the service tax rates on the 2nd day of its 14th meeting at Srinagar. It is worthy to notice that the education and healthcare sectors have been exempted from the service tax of GST.
The goods and service tax council has finally approved the final set of rules which will be implemented in the new upcoming tax structure. As from the sources, it has been known that GST council has finalised tax rates of over 80 to 90 percent goods and services coming into the four slab tax rates. It also ensured that the daily usable items will be fitted into lowest slab rate of 5 percent which will not impact on the inflation.
In a market where industries are trying every bit to get some exemptions in tax rates, the tractor industry comes with the astonishing demand to levy tax over the sector. It is weird as well as logical in the light of the fact that after not getting chargeable to the excise on the output which will ultimately hold back the manufacturers from claiming any credit for the taxes and duties paid on the input.
