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Central Board of Excise and Customs (CBEC) has given a new draft rule regarding the implication of popular taxation regime GST on Tuesday. The format on GST return and refunds required assessees to file monthly returns and specifying procedure for claiming refunds of taxes, interest, and fees.
The biggest tax reform i.e. Goods and Services Tax is now a part of Indian Economy. A new and unified tax structure is followed for indirect taxation on the place of various tax laws like Excise duty, Service Tax, VAT, CST etc.
After a long wait, the dream comes true when GST become applicable across India. More than 2 decades wait for a strong tax reform regarding indirect taxation will be part of our Indian economy. Now after passing the bill in both houses of parliament and receive President Ascent, the bill became Law for our nation. After that the foundation of a GST council complying of states and central governments members and economics experts. The council will decide the rates, exemption and rules and regulation.
E-commerce or electronic commerce (an online shopping hub) manages the buying and selling of products and services exclusively through electronic channels. E-commerce captures around 33% of the global market with a positive growth in near future.
Congress has put all the efforts to control some of the points which would thereby repress the main motive of GST regime to fully function into its caliber. The issues that the Congress and its major finance ministers are pressing down is that of capping of GST rate to 18 per cent.
The two-day meeting of GST council that started on Thursday has come up with a striking news and has given an exact limit on which the threshold amount has been set.
The GST Council has been inviting more number of states to discuss over GST in order to clear all the doubts and fix the issues before the deadline. The first meeting of GST held on Thursday has decided to hold the predetermined date of the roll out to be 1st April 2017.
The government is in full swing to implement the GST Act by April 2017. A short winter session of Parliament will be held post-Diwali in order to ratify several changes in the Goods and Services Tax (GST) Act
Goods and Service tax, a significant taxation regime which will subsume, various indirect taxes in the nation and has a tentative date of 1 April in coming year to be implemented. And in this direction, the first meeting will be holding today at the national capital. The two-day meeting was already scheduled for Sept. 22-23 […]
