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Indian Venture capitalist and other private equity firms which are the main responsible entities who boosts and pushes numerous private budding firms and startups towards a better financial position are now afraid of the upcoming goods and services tax heading this July 1st. The reason being is the new GST tax law which will give the authority to the tax officials to claim the taxes dues of their concerned investor companies with full interest and penalties from the designated directors.
Upcoming GST holds various obligations and complexities for the sectors relying upon it, as the Small medium enterprise are going to sail through some tough time once the GST comes into being. In between, the SME sector is pulled up in front of the council and central government for the redressal.
The latest research by a US Federal Reserve paper says that the goods and services tax (GST) can lift India’s GDP development by up to 4.2 percent, two-fold the past gauge – as lower taxes on manufactured goods will knock up output and make items less expensive.
India is going on the path of development at a fast pace and to move forward and make it more competitive, it must include reforms and strategies in its taxation and financial system. The country will be soon going to see the new tax regime, GST in order to facilitate the governance and economic condition of the country.
As the GST is coming to redefine the economy of India, its service providers also geared up to face the challenges being thrown by the operation and implementation of it.
Now the GST mandates all the goods lost, stolen and gifted to be maintained under the new taxation regime coming from July 1 most probably.
Goods and services tax is just doing well in its approach towards the national financial and economic structure. Various experts have sorted out different ways in which the procedural and the working of business will get affected and will adopt a new course of working under the GST regime.
The apex body along with the responsible team of ministers and tax officials will be organizing a meeting to discuss and finalize the service tax under the GST.
The government is restructuring every possible move to synchronize with the upcoming GST regime, now the center is validating the point to keep the GST rates for a section of the product as neutral as possible.
