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In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
As the goods and services tax is approaching towards the nation’s economic heart, many economists and tax experts are believing that the transactional data would soar high after the implementation of goods and service tax in India and will demand the business units to comply with the newly embedded tax regime very attentively and also rigorously.
Finally, the GST has seen the light of its day as the Rajya Sabha has approved each and every bill assumed in the regime to take over all previous forms of taxes prevailing in the country. The major concentration to be focused on the fact that the bills were passed without any amendments which have also given the idea of political consensus over the goods and services tax.
Finally, the draft bills of GST presented in the Rajya Sabha for the discussion as speculated by the GST council and government authorities to wind up the GST procedure as soon as possible. Earlier the Lok Sabha has cleared four significant bills of GST which were relevant to Central GST, Integrated GST, UT GST and GST Compensation bill.
The automobile has already got a set back after the ban of BS 3 vehicles recently in which the industry had to wrap off all its old stock at a drop down prices. In the next step by the government and GST council as both, the duo has proposed that the fuel price can be increased along with the increase in tax implication on second-hand vehicles.
The finance ministry is taking the GST matter to the general public for the suggestion and advice row as the ministry have put a set of 8 rules in the public domain, which will be applied to the roll out of goods and service tax in India starting July 1. The government is also seeking comments from the industries in concern on the newly included 4 set of laws i.e. GST Composition, GST Valuation, GST Transition and GST ITC. The rules got passed with some approximation at the meeting of GST council on previously gone March 31.
The government has been trying to impose the Goods and service tax in the said timeline of July 1, but the opposition has been creating all sorts of extension and to take the GST bills towards completion and worthwhile to take the support from their network
The Goods and service tax in India has been rolled out also the government has released the GST return form details which are mandated to be filed according to the GST due dates mentioned in the attached notification.
On the verge of new taxation regime occupying the nation, there are still some obligations which are to be met before fully realizing goods and service tax in India.
