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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.
The anti-profiteering clause of new indirect taxation structure seems like ineffective with no powers. The government has not framed restrict rules or regulations under this, in fact, suo moto will do more research on the anti-profiteering provision of GST Regime.
FMCG companies made a full proof plan to by-pass anti-profiteering measure to ensure its benefits and profits, letting common people go in the bin.
Retailers which are learned from the upcoming GST are offering 20-40 per cent discounts on white goods or electronic appliances, including television, AC, refrigerator and so on to clear the available stock and minimize the losses, before the implementation of Goods and Services Tax (GST) i.e., 1st July.
Every business entity which is getting registered under Goods & Services Tax will be provided a unique identification number known as GSTIN or GST Identification Number. Presently, every dealer which is registered under the state VAT law occupies a personal TIN number which is assigned to him by the state tax department. Just like that, the service tax registration number is assigned to a specific service provider by the Central Board of Excise and Customs (CBEC).
West Bengal is opposing not going forward with new indirect taxation regime as scheduled date i.,e 1st July, which may affect several consumers and manufacturers across the state. Though even 75 days after passing of Amendment Constitution GST Bill, it will be applicable by mid- September. All the states and the Centre have to adopt GST Regime and no need to pay several taxes like excise, service tax, VAT, central sales tax and entertainment tax.
The upcoming GST scheme will be affecting a lot of financial services and this is due to new revised rate of 18 percent from the previous 15 percent being levied by the GST Council in its recent 14th meeting in the Srinagar. Although the differences are said to be marginally still there are various sectors, like banking, investments, insurance, real estate and mutual funds which are to be affected by the turmoil of GST.
Under GST Regime, every taxpayer is obliged to maintain different types of invoices. Below are the invoice details based on GST, which includes how to make invoices and when to make invoices.
Everyone knows that the banking sector is one of the biggest service sectors in the nation and after the implementation of the goods and services tax in India, it will have to indulge in lots of hard work to make Goods and Service Tax (GST)-ready for their sector.
