Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Union Finance Minister Arun Jaitley on Saturday has finalized the GST (Goods and Services Rates) for frequently used items, which includes footwear, gold, biscuits, textiles and apparels. Apparently, it was seen that these common items are kept in strange rates as the usage makes them special and the rates covered upon them might take a hit.
The Central government is forcing to implement Goods and Service Tax (GST) from 1st July but there is always something which stops its way. Under the new GST Regime, GSTN is one of the IT platforms which helps to perform any kind of GST activities which was developed by the mutual concern of Government and Private IT company. State Government, as well as several stakeholders, was disappointed with the readiness of IT platform as it seems that it is still under working phase.
Engineering Export Promotion Council of India (EEPC) has come up with issues which are not adjustable with context to the classifications of goods and several input tax credit anomalies.
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.
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.
As everyone is well aware of the complex GST framework and its upcoming requirements for the settlement among the Indian economic environment, it’s now the banking sector who have raised the hands in front of extremely rigid and tedious GST regime. The Indian Banks’ Association (IBA) which is a governing body of management of banks operational across the nation has cleared out that numerous banks are not fully ready for the upcoming GST scheme.
Apart from the regular tax slab, the GST council has decided 3 percent GST on gold. It is a positive move towards the jewelry association and their growth as the sector was demanding lower tax rates earlier.
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.
For the expansion in GST awareness programs the Finance Minister Manish Sisodia of Delhi Government, had planned to do a Facebook live event before the GST Council meeting in order to solve queries and generate public interest in the topic. But it seems that the technological department i.e. Directorate of Information and Publicity (DIP) gave up on this plan and said that they are not capable of providing such kind of services in the current.
