Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
West Bengal is opposing not going forward with new indirect taxation regime as scheduled date i.,e 1st July, which may affect several consumers and manufacturers across the state. Though even 75 days after passing of Amendment Constitution GST Bill, it will be applicable by mid- September. All the states and the Centre have to adopt GST Regime and no need to pay several taxes like excise, service tax, VAT, central sales tax and entertainment tax.
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.
GST Council has announced Goods and Service Tax (GST) rate, but it also requires some modifications in the upcoming days. Several industries and businesses which include FMCG, Automobiles and traders had been requesting to the Central Government for revising taxation rates. The next meeting of the GST Council will be scheduled on 3rd June 2017.
It seems that there are no end to the disputes related to the ambitious goods and services tax, the Bengal finance minister has came up with the statement that there can not be implementation of goods and services tax from the July 1st and it will be under scanner as it contains various factors which prove fatal for the lower economy of the nation.
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.
After the hustle and uproaring over the tax rates decided by the GST council in the recent time, the Central Board of Excise and Customs Chairperson Vanaja Sarna clears that the revision of any tax rate of whether good or services is solely at the discretion of GST council and no one else.
The GST is going to happen in a month time and few industries are way disappointed with the GST rate framed by the council. Few industries have come forward demanding concession in rates citing the mass use of their products. The are also seeking lower rates in comparison to other products in the segment.
The government has been trying to make every sort of channel to bridge the gap between the taxpayer and the government sources to cherish the upcoming GST in a healthy way. In this direction, the government has started a new Twitter handle for the general public to resolve any queries regarding the Goods and services tax.
The e-way bill which got much hype after its introduction may be delayed due to the draft bills and rules which are still under the discussion in GST council.
