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Certain items are on the speculations of becoming cheap once the goods and service tax rolls out as an easy and hassle free implementation of the GST is expected to make inflation not hitting hard on the general consumers. Currently, the GST council has finalized certain draft rules concerning tax refund, registration, invoice debit and credit, the framework on input-tax credit, valuation, transitional provisions and composition which will be ascertained in the next GST council meet on May 18.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
The goods and service tax has been taking a toll on various sectors in the fact of its multi favoring on the economic aspects. Still, there are some provisions on which the GST is working and in which it is ensured that a flawless tax credit is supposed to enter along with the safeguarding against the tax evasion practices. But, the twist turns out that the same provision can prove damaging to the small and medium traders and business organizations.
Indian banks have approached the government to amend the draft Goods and Services Tax (GST) law so that the transactions between two branches of a bank could engage tax. In the present structure, transactions between two branches of the same bank will involve a tax, which could become a mess on a later stage after the GST rollout.
With the implementation of Goods and Service Tax (GST) Act, it has affected the growth of the aviation sector. Recently Aviation sector is one of the growing sectors in India in the last decades. Indian Aviation sector is ranked among the top ten market in the world.
The latest nationwide crisis of demonetization-instigated money emergency has given a toll of reasons to the industries of various genre for getting themselves under the hood for a little while and still the industry needs more opportunity to set itself up for the goods and services tax (GST) and so is not stressed over a delay in its roll-out.
Without uncertainty, the initiation of GST has ended up being the most critical and extensive taxation change that India has ever observed.
SAG Infotech provides the best GST return filing, e way bill and billing software and is available for a free download. The Gen GST software being in-house developed by SAG Infotech which is a panacea for all the complex GST filing operations
Enrollment has been started from 8th November for all the states and the last date for GST registration will be running until 31st March 2017.
