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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.
GST is approaching with strict tax compliance and will demand every taxpayer to follow the guidelines accordingly. There is some persistent question regarding the anonymity of unregistered dealers in the GST. Some of the questions are framed here to acknowledge the general queries regarding the transaction with the unregistered dealer.
The SME (Micro, Small and Medium Enterprises) sector of India is going through a major growth phase and is also considered as a significant leader in the expansion of the economy for many years. And by the statistics provided by the SME Chamber of India, the SME industry is a major contributor with almost 45 percent in the industrial output and making 40 percent of the exports.
M Vinod Kumar, Chief Commissioner of Central Excise stated that the Goods and Service Tax (GST Council) will decide on applicable tax rates for commodities on 18th May.
Voluntary registration is self registration by the dealers in order to get listed within the GST framework. It is applicable for those who are not within the parameters of registration and are not required to register in the GST. Upcoming GST will be requiring registrations to be strict and complied with the rules and regulations and has also declared that the business units having a turnover less than 20 lakh (10 lakh for NE states) can get away with the GST registrations.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
The political tensions hovering over Kashmir may create a lag in front of the scheduled roll out of Goods and services tax in India. The state might delay the implementation of GST due to its uncertain political conditions prevailing. The issue can emerge in serious mode as the experts are claiming this will hamper the growth of the state.
There are various provisions in the GST and their work-ability is only understood by the apex officials who have worked upon the tax regime and has tried every possible way to make it happen. Recently Union finance minister Arun Jaitley stated that the quarterly filing of the return is not feasible and can not work for the taxpayers who has a turnover of above Rs. 50 lakhs.
