Search results for: Goods and Services Tax

The revenue department announced that the GSTN enrollment window which was closed on 30th April will be again started in a few weeks from now. The enrollment window will be helping the taxpayers in the process of enrolling into the Goods and services tax network (GSTN) portal. There are about 60 lakh taxpayers which were enrolled on the GSTN portal in the duration between 8 November 2016 and 30 April 2017.

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.

The upcoming goods and services tax in India will be impacting the gold consumption at a rate of 4 percent as speculated by the World gold council (WGC) executive in a recent meeting. GST is said to impact the gold consumption for around 4 percent in the year 2017 to nearly 650 tonnes.

GST has again seen a positive response from the Haryana state as the state assembly passed the reformative Goods and services tax bill in the significant one-day session of the house and also in a turning point, gave the legislators a hike of salary and allowances with a rise from 50 thousand to 60 thousand per month of the ministers.

The goods and services tax will be coming with a lot of compliance and it must adhere to those rules and regulation must not be broken in any case to avoid any legal or operational loss proceedings.

The upcoming goods and services tax has created a lot of puzzle in various sectors as the tax rules and implications will be changed and the effect will take some time to settle down. The medicine industry is also taking some setback just to ascertain the real impact of the GST on the business and has been holding stocks for avoiding the chances of losses in case of any sudden rate change.

Revenue secretary Hasmukh Adhia is making every effort by spreading information knowledge regarding the upcoming Goods and services tax in India by all the means, including meeting, discussions and state visit. This time in a Q&A session via Facebook Live, he cleared out that all the traders which are dealing in the products based on petrol, diesel and other similar commodities which are exempted from the GST and have been kept under zero rate did not need to register under the Goods and service tax.

Indian Venture capitalist and other private equity firms which are the main responsible entities who boosts and pushes numerous private budding firms and startups towards a better financial position are now afraid of the upcoming goods and services tax heading this July 1st. The reason being is the new GST tax law which will give the authority to the tax officials to claim the taxes dues of their concerned investor companies with full interest and penalties from the designated directors.

Bihar Legislative Assembly has flagged off the Goods and Services Tax (GST) bill along with the Bihar taxation (Amendment) Bill. Bihar CM Nitish Kumar has termed it as ‘a historic moment’. Reportedly, Telangana was the first state to pass the GST bill in its assembly.