Search results for: GST impact

The government has a big challenge ahead as the much awaited GST regime has an urgent demand of taxation rate on which it will run the taxation network in the nation. In this hustle of preparing a broad taxation scheme the government has to make an estimation of its annual statement of accounts and not the exact corresponding figures.

GST has been coming on its way towards the Indian national taxation scheme and would find its position well settled next financial year and the preparations are heavily under work.

The commerce ministry is looking to help the exporters, suggesting the finance ministry to take a soft action towards the export industry and continue with GST exemptions which were earlier granted.

The GST taxation scheme would be changing the names of the upper-level department upon its arrival, as the newly suggested name of the department of central excise, customs and service tax can be considered as a department of GST and customs in the direction of the merging department of GST and customs.

Automobile industry body Society of Indian Automobile Manufacturers (SIAM) has suggested the government to prefer a standard GST (Goods and Services Tax) rate on small cars.

The GST regime has a clause to be ascertained as the assumptions are stacking at the need of GST secretariat would be the next demand by every state after the implementation of the upcoming taxation reform. This need has been raised to cope up with day to day issues resolving the GST procedures.

Reserve Bank of India, a high commission emblem in Banking fraternity is very much sure that the GST pre-decided rate will be coming to a good position while sticking to 18 percent which will be no harm to the CPI inflation charts too.

Ajay Kanwal, CEO Asean and South Asia at Standard Chartered Bank, visited India as part of the Singapore business forum along with Singapore Prime Minister Lee Hsien Loong, was seated along with media personnel and shared some positive notes about the upcoming taxation reform GST in India along with future planning of the bank in the country.

The disagreement emerged between the states and Centre regarding the Centre’s administrative control of service tax assessees, which was earlier accepted in the first meeting. The council didn’t accept the points noted down on the first meeting which was held on 23rd September.