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Finance Minister Arun Jaitley said on Tuesday, small business industries have been provided sufficient time to get ready for the new GST Regime from 1st July.
Good and Service Tax (GST) is one of the biggest tax reforms since Independence and is going to implement from 1st July. Traders and businessmen across Gujarat, including Surat, Ahmedabad, Morbi, and other industrial hubs are expressing opposition to the new taxation regime.
Giant e-commerce marketplace Amazon is in the herd of those who are not clear of GSTs future probabilities and impact the business internally and externally both. Recently it was learned that the highly privileged seller’s program i.e. invites only Platinum Seller Program (PSP) has been suspended due to the uncertainties arising from GST.
As expected Goods and Services Tax (GST) Act, 2017 has changed the Indian tax system fundamentally and is the biggest tax reform since Independence.
One of the complex taxation structure Goods and Service Tax (GST) Regime will come into force from 1st July. Due to some complexities or problems in the new regime, the government itself is not confident enough how things will work out.
Today, market scenario combination of goods and services are supplied together to attract more consumer. In service tax, this is called bundled service and under GST law it can be classified as Composite supply and Mixed supply is entirely new concept introduced under GST law
The GST Council is again to set its 17th meeting on Sunday to discuss all those long awaited topic namely anti-profiteering and the e-way bill which was opposed by many sectors in which the transport sector was the major one.
The GST is approaching at a very fast pace and there are only 20 or fewer days left to tackle the issues which the traders are facing currently. According to the provisions, a taxpaying entity must be registered under GST if the turnover crosses the threshold limit of 20 lakh but there are very shortfalls on this point.
Goods and Service Tax (GST) is a new indirect tax scheme which is a consumption based tax. It will replace all the indirect taxes. It is biggest tax reform that will bring India in competition with other countries in respect to the indirect taxation platform.
