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The Deputy Chief Minister Sisodia declared that for addressing the problems or issues of traders related to the new Goods and Services Tax (GST) regime the Government of Delhi will run six GST help vans in the commercial areas and help desks in the small markets.
The Indian government on Friday warned manufacturers, sellers, and importers to revise maximum retail price (MRP) of the goods manufactured and packaged before 1st July, with the post-GST price sticker. Or else, they would have to suffer from penalties ranging from fines upto Rs 1 lakh or prison for one year.
The GST (Goods and Service Tax) has been termed as a great reform achievement of the GOI (Government of India) by Takehiko Nakao, the president of Asian Development Bank. But he also suggested that the upcoming tax regime in the country could also cause challenges on account of some factors such as the multiplicity of tax rates.
Few days before the launching of GST Regime the government on Wednesday disclosed that the taxpayers are required to submit only one return in a month similar to the taxpayers do earlier.
India is eyeing upon its most ambitious tax reform on the coming month of July which is speculated to be similar like one it was seen in the independence era. The GST is said to eliminate all those cascading effects of taxes which was putting a heavier instance on every movement in the market.
GST (Goods and Service Tax) is one of the biggest tax reforms since Independence in India and it is going to roll- out from 1st July. Several businesses and industries are not readily prepared for the new indirect taxation regime.
After the announcement of Goods and Service Tax (GST) Rate by Government of India in GST Council Meeting, Amusement Park and Electrical Firms are falling under the 28 percent slab rate in the indirect taxation structure. Both of the sectors are now requesting to the Government to impose a lower tax rate under the new GST Regime.
The GST is in the queue for the implementation and every corner of the financial corridors are now talking about its registrations which will be going to re-open on 1st of June to ensure the remaining taxpayers get registered under this new tax regime.
The clause for anti-profiteering has emerged quite a while ago when the finance ministry first announced that any company found blocking the tax benefits to the consumers will be penalized and also various other severe measures will be taken against them.
