GST touted as the biggest taxation reform since Independence, it has been nearly 4 months since new indirect taxation regime was implemented across the country.
Powerd By SAG INFOTECH
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GST touted as the biggest taxation reform since Independence, it has been nearly 4 months since new indirect taxation regime was implemented across the country.
The Goods and Services Tax (GST) is expected to get a new reform that will be more extensive than the changes made so far to straighten out hurdles in making GST compliant and less burdensome.
GST has been again in talks due to the Haryana government which will demand reduction in tax rates of plywood and spare parts of farm equipment.
Goods and Services Tax (GST) is the topic of criticism for different industries in India. The protest is lined-up and Brass Industry on Tuesday joined the rally.
According to the industry insiders, higher tax rates levied on batteries used in electric vehicles under the indirect tax regime may be a major barrier for the government.
Senior Government officials have expressed disappointment with the Infosys due to the technical glitches and issues in filing returns at GST Network (GSTN). In regard this, the government has to extend the deadlines for filing returns several times.
Vanaja N Sarna, Chairperson of Central Board of Excise and Customs (CBEC), said that the tax collected under the new tax regime is deviating from the expected figure and there are no targets in line to tweak the annual revenue goals.
Bimal Jalan, former RBI governor, has advised that the GST council needs to transfer the authority from the centre to local governments because preferences of states are diverse according to the poor and rich status.
Goods and services tax which was implemented recently and to be exact on 1st July 2017 with a lot of promises and work on progress tagline, is known to be subsuming all the indirect taxes into one.