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Finally, GST council heard of many sectors which were requesting for some relief from the heavily loaded GST rates levied upon them.
The government has finally taken a step towards the clarification of backdated tax credit being due within the transition towards GST scheme. In the latest notification, it is said that all the retailers and traders can declare filing within 90 days and claim a tax credit for transitioning of the stock after the implementation of the GST.
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.
According to the previous provisions, a works contract is a combination of transfer of goods and services. While under GST regime, the service tax is applicable for work contract only on service part.
The union finance minister in its latest talks cleared the air regarding the implementation schedule of upcoming goods and services tax in India. In an interview, the minister said that the GST is a very simplified tax scheme and there is no reason to postpone it further than the pre-decided date of 1st July 2017.
On 6th June 2017, the Prime Minister Narendra Modi will take a look on the preparedness of the Goods and Service Tax (GST), which is scheduled to roll out from 1st July. The Prime Minister of India has been continuously in touch with the GST council and has been taking reviews of upcoming tax scheme in order to make sure that the reformed tax regime runs hassle free after the implementation.
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.
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.
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.
