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Talking about the levy of excise duty, the Finance Ministry said on Monday that there is no legal infirmity in the notifications issued by the government in context to the GST Constitution Amendment Act.
Airlines Industry has been considered a fast growing sector within its parameters and has been a very promising area of adding value to the countries growth and the standard of its people. But the overall burden of the country seeks remuneration from all of its contributors and Airlines also in the queue.
GST is a revolutionary step in the indirect taxing regime, the most awaited Goods and Services Tax bill got the assent of President on the 08th day of September 2016 and became the Act. GST will be a single window for all Indirect taxes as it will subsume majority of the indirect taxes. GST is the thing which will reshape the Indirect tax structure and impact of it will be seen on its stakeholders. It is expected that it will increase the GDP by 2%.
Goods and services tax has now started showing off some of its benefits in the sectors where it encountered hurdles before. In the same direction, GST would be giving a relaxation over the process of PAN India auction which has been recently introduced by Tea Board in June this year.
Infosys CEO Vishal Sikka explains GST rollout as a challenging task and acknowledged the preparedness as not up to the mark but it can be possible if the time is utilized wisely before the deadline April 2017.
The GST regime is likely to witness the entry of the petroleum products, including crude. The step has been taken to put down the inflation pressure under control after a deep thought over the said consequences.
India is getting a worldwide recognition in the name of teamwork that the GST showed across all the political parties working together to make this tax reform a success. As of now, there is a smooth flow of processing and implications regarding the GST and its structural framework to ensure hassle free operation when it will finally get rolled out in the nation’s taxation web. The Union cabinet has also formed the GST council that will take care of the further proceeding over the GST.
With the formation of the GST council on Monday, we are witnessing how the Government is working keenly towards achieving the deadline of GST which is April 1, 2016. Meanwhile, India Inc believes that the proposed deadline is insufficient and seeks more time for the implementation of GST across the country. The Govt. already cleared another milestone by forming the GST council and the Union cabinet led by Prime Minister Narendra Modi decided that the GST council office will be based out in Delhi.
The Union Cabinet will be holding a meeting on Monday to take the next step required in the implementation of the GST Act in India. The cabinet will decide about the GST council which is an important part of the GST regime. The council will set the GST rates for the different sectors functioning in the country. Over 17 states have already ratified the bill along with President’s nod, the bill is one of the top priorities of the govt.
