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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.
Voluntary registration is self registration by the dealers in order to get listed within the GST framework. It is applicable for those who are not within the parameters of registration and are not required to register in the GST. Upcoming GST will be requiring registrations to be strict and complied with the rules and regulations and has also declared that the business units having a turnover less than 20 lakh (10 lakh for NE states) can get away with the GST registrations.
As the issues were raised earlier on the confidentiality of the taxpaying data, it is now again a matter in the GSTN arena that the All India Tax Advocates Forum (AITAF) has demanded an all round confidentiality and security of the details of the taxpaying data which will be uploaded by the assessees in the upcoming goods and service tax in India.
The goods and services tax will be coming with a lot of compliance and it must adhere to those rules and regulation must not be broken in any case to avoid any legal or operational loss proceedings.
The major revenue department CBEC is tensed and also gearing up for a better and far reaching campaign regarding the migration of taxpayer into the GST. The department is pleading to the taxpayers for migration into GST by end of this month in order to avoid any issues later on.
A problem close to the level of seriousness is approaching and engulfing a massive number of 30 thousand traders, merchants and taxpayers in the nation related to the GST migration. Talking about hundreds of thousands of traders and their problem related to the migration can be hectic and impossible but taking some few example might explain the issue.
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.
