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The government has finally taken a step towards the clarification of backdated tax credit being due within the transition towards GST scheme. In the latest notification, it is said that all the retailers and traders can declare filing within 90 days and claim a tax credit for transitioning of the stock after the implementation of the GST.
Soon after the GST council decided the tax rates which have to apply to the goods and services, it is speculated that there is a danger of an imbalance between the different sectors of transport related to GST rates.
The official sources have mentioned that petroleum products and continuation of their VAT attraction will be soon decided by the GST council as cleared by the Maharashtra Minister Deepak Kesarkar to the legislative council.
The goods and service tax council has finally approved the final set of rules which will be implemented in the new upcoming tax structure. As from the sources, it has been known that GST council has finalised tax rates of over 80 to 90 percent goods and services coming into the four slab tax rates. It also ensured that the daily usable items will be fitted into lowest slab rate of 5 percent which will not impact on the inflation.
A very significant day has finally arrived in the economic corridors that will decide the fate of inflation in India. Today, the new tax rates will be decided under GST for the goods and services running across the nation. The meeting will be held in Srinagar by the apex GST council headed by union finance minister Arun Jaitley.
In a few more days to go, the most awaited goods and services tax (GST) will be discussed within the authority of GST council headed by the union finance minister Arun Jaitley and state finance minister along with the leaders of the Union Territory in Srinagar on 18-19 May to conclude upon the taxes of various goods and services and will fit them accordingly into the four tax slabs introduced previously.
The GST council along with its rate fitment committee will be resolving the pending task of aligning of all the goods and services in different appropriate slabs to decide and include more and more products and service under the unified tax ambit. The meeting will be starting from 4 May in the national capital New Delhi for three days. A committee member from both central and state tax department spoke that alignment of the tax rate will be finalized at the end of the meeting.
The GST council has been in a dilemma of putting various goods into the category suitable for them. The government is preparing to roll out the well-discussed goods and service tax in coming months and in between it has been stuck on the issue of categorization of products.
The ongoing meeting of the GST council has been expected to pass out the two remaining legislature in order to give a start to the countries most ambitious taxation regime. The SGST and the UTGST are two remaining bills which are needed to be cleared for the progress of the tax scheme.
