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The goods and service tax is a globally acceptable tax implication and has played a vital role in strengthening various countries economic position and credibility. Also, marked as a most dynamic and reformative taxation scheme, the Goods and services tax is approaching at a very fast pace in India.
GST will be soon actualized in the nation with having seamless opportunities for the business community, but it seems that Jammu and Kashmir business community will be having a tough time to deal with the upcoming tax regime due to its autonomy rode financial state.
Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises.
M Vinod Kumar, Chief Commissioner of Central Excise stated that the Goods and Service Tax (GST Council) will decide on applicable tax rates for commodities on 18th May.
The nation is working day and night to implement goods and services tax and is making sure that every step must be smooth and hassle free. In between the opposition Congress questioned about the ease of doing business after the GST.
As per the reports, the pharmaceuticals industry has already started to de-stock and also returned their stock to the supplier companies for that same reason. Also, the GST council has given that the daily necessary items would be in the lower category of tax which has hinted the traders to de-stock their already available stock within their premise.
There are various provisions in the GST and their work-ability is only understood by the apex officials who have worked upon the tax regime and has tried every possible way to make it happen. Recently Union finance minister Arun Jaitley stated that the quarterly filing of the return is not feasible and can not work for the taxpayers who has a turnover of above Rs. 50 lakhs.
The new GST regime will be enforcing numerous tax compliance along with the strict prosecution which will further lead to demand GST jails in every state as stated In the meeting of the Punjab State Trade Board, the State General Secretary Sunil Mehra, District President Radheshyam Ahuja, Vinod Bharti.
Goods and service tax is approaching towards its scheduled deadline and is in the headlines of every news and publishing. While there are various queries and doubts regarding the information and rules regulation, there are general FAQ’s which might solve the questions of public in a easy and simple manner.
