Powerd By SAG INFOTECH
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GST is not an overnight thought in India and it takes patience to introduce any new tax reform as consequently, it affects the economy and the India Inc needed to prepare for it before hand. GST is the first tax reform after the independence. We have waited for two decades to introduce GST in India.
The government has been very strict in the creation of various amendments and passing of bills which can make the GST easy to lay out in the nation and its economy.
Central Board of Excise and Customs (CBEC) has been educating people about the new taxation scheme happen to roll next year with the help of various campaigns. The consensus issue still hangs between the centre and all the states under the dual control of dealers up to an annual revenue threshold of Rs. 1.5 crore.
The upcoming November 2016 is expected to be a big month for GSTN (Goods and Service Tax Network). According to a top official, the GSTN, which is expected to deliver common and shared IT infrastructure for implementation of GST will represent the details of nearly 80 lakh running assessees of excise, customs tax, service tax, and value-added tax.
GST regime has been on its way towards the implication, and in this journey, the dream work of UPA government caught a seizure. Large Taxpayer Units are now in the black zone and will be closed down as soon as the new taxation regime comes into force.
The central excise and customs department has declared a protest will be held stretching across the nation and a mass casual leave will be taken on ‘budget day’ to show off the discontentment regarding the issue of GST and its implementation.
GST application is proving tons of work and pressure on the government which has to roll out the reformative taxation regime on a pre-decided timeline of 1 April 2017. In the direction of preparation, the revenue department has to scoop up the training session to a steep level as there is a giant target of 60,000 official to be trained in a meager amount of time.
GST structure will need a good number of expert officials and trained staff which can keep the taxation in flow, and in this same direction the state commercial tax department is building a team of experts which can further guide and make ready those officials who would be dealing with the core aspects of Goods and Service Tax regime expected to roll out on April 1, 2017.
The cabinet approved the project SAKSHAM, which is said to be the new indirect tax network (systems integration) of the CBEC.
