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Under the indirect taxation regime, all other indirect taxes such as VAT, excise duty and service tax will be replaced and the buyer will have to pay a single 12 percent tax, excluding stamp duty on the purchase of house or apartments.
The rumours of GST implementation are viral on the media sources that the new GST regime will be delayed. The Centre government has clarified the doubts of delay in GST roll-out and said that GST will be implemented on proposed date i.e., from 1st July.
Almost everyone is saying that GST will help India to grow by 9 percent if seen through statistical viewpoint. The goods and services tax is scheduled to be rolled in less than a month and the NITI Aayog CEO Amitabh Kant is betting upon it with a positive note.
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).
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.
In a bid to roll out smooth and hassle free Goods and Services Tax from July 1st, the tax authority is on their toes to avoid any kind of mishap under the working of this ambitious tax scheme.
GST Rates of Goods 1. GST rate changes on goods of mass consumption for publicity purposes 2. Press Release in relation to changes in rates of goods 3. Changes in GST/IGST rate and clarifications in respect of GST rate on certain goods as approved by GST Council on 10.11.2017 4. GST rates approved by GST […]
The government is heading for a full proof plan for the execution of goods and services tax in India with the set up of two whole new dedicated agencies in the origin of analytics and business intelligence. The upcoming goods and service tax will be subsuming various central levies like service tax, excise duty, and state VAT and the Central board of excise and customs (CBEC) has made some necessary requirements to fit the new duty laws in field formations of service tax and central excise.
The SME (Micro, Small and Medium Enterprises) sector of India is going through a major growth phase and is also considered as a significant leader in the expansion of the economy for many years. And by the statistics provided by the SME Chamber of India, the SME industry is a major contributor with almost 45 percent in the industrial output and making 40 percent of the exports.
