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A long talk was conducted recently with the President of Assocham Mr. Sunil Kanoria regarding the benefits and upliftments of Goods and Service Tax. He said that “By unifying all Indian states and Union Territories into a common market, GST will exponentially enhance the ‘ease of doing business’ for them and this can unleash India’s huge domestic potential.”
GST Network was earlier not seen as a safe and secure method of developing the database from a private based organization which would further infuse non-reliable views over the structure.
Oncoming GST has given a fruitful news to the Nagpur land owners, as the city has got all the attention it needed due its feasibility and approach-ability from almost all the cities of the Nation. Once the GST applies itself into the scenario, the local and indirect taxes which were levied at every stage of geographical shifting of goods will be slashed.
Oil Minister Dharmendra Pradhan said that “GST Council will decide on this (taxation of petroleum products). On behalf of the industry, I would request the states to allow petroleum products to be brought under GST taxation.”
The Goods and Services Tax has a reason to give numerous opportunities to the financial caretakers of companies and organization who rely on Chartered Accountants for all their statistical and accounting data maintenance.
The upcoming November 2016 is expected to be a big month for GSTN (Goods and Service Tax Network). According to a top official, the GSTN, which is expected to deliver common and shared IT infrastructure for implementation of GST will represent the details of nearly 80 lakh running assessees of excise, customs tax, service tax, and value-added tax.
IATA (International Air Transport Association) has asked for some modifications in the Airline tickets rate under GST. According to IATA, the Aviation sector was already under high tax burden and GST should help the sector abide by global standards.
Goods and service tax has been proving fruitful in many cases as the executive chairman of the Templeton Emerging Markets Group, Mark Mobius has suggested. He has shown the sign that there will be a mark of 20 percent in the earning of companies.
The state government of Bhopal has cleared a relaxing point that it will continue to offer the compensations to the newly set up industries which are subjected to the compensation under the promotion campaign started by the state authorities.
