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The Union Budget proposed on Wednesday is believed to fill up the gap between the present multiple indirect taxes and the upcoming indirect taxation (aka Goods and Service Tax).
Yesterday, Revenue Secretary Hasmukh Adhia suggested the proposed Goods and Services Tax (GST) as a merger to subsume all cesses except those on petroleum.
The Healthcare Federation of India (NATHEALTH) has suggested a 5% GST rate on the healthcare supply chain like medical equipment supply to hospitals. Presuming that the GST rate on the sale of diagnostic services by the hospitals to the patients will likely to be kept exempted from the indirect taxes.
Speaking at a state-level tax advisory committee meeting for the preparation of the state budget, Rajasthan chief minister Vasundhara Raje on Tuesday said Goods and Services Tax (GST) will simplify the tax structure and boost the revenue model of the state. Holding the discussions with representatives of the industry bodies, tax experts and briefed suggestions for the state budget.
As the Government is preparing to present the Union Budget for 2017-18 on Feb 1, some of the major IT manufacturers and tech companies are bracing the upcoming GST regime and also demand that the excise duty should be restructured in a more feasible manner.
Central Board of Excise and Customs (CBEC) has alone emerged out of nowhere to oppose government’s decision to bring states in the place of the centre to assess the taxpayers in the ratio of 90 percent which in the terms of central employees will drop down the revenue generation garnered by the central authorities previously.
The GST has called up the biscuit industry to look through the higher possibilities emerging for taxation hike. As the Rs. 36,000-crore Indian biscuit industry demanded finish waiver of Good and Services Tax (GST) on Low Price-High Nutrition (LPHN) biscuits valued under a most extreme retail cost of ?100 a kg.
An ASSOCHAM-TechSci Research paper stated that the medicinal services division taking into account the neglected needs of the general public ought to be kept out of the domain of the Goods and Services Tax (GST) or else restorative care would get to be distinctly costly and unreasonably expensive for the regular people.
India has a long way to go for the proper implementation of the GST and its positive finding because in the world of uncertainty no one can define the change for certain, as the world sits tight for Donald Trump to move as the 45th president of the US, there’s incredible consideration on the progressions his administration is probably going to introduce in the US exchange policies. A portion of the progressions may affect India and can stretch out to the possibilities of India’s impending Goods and Services tax (GST).
