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The old issue of assesses control has been replied by The Indian Revenue Service (Customs and Central Excise) officers’ association who has demanded the council to give the authority of assessing all the taxpayers under the turnover of lesser than 1.5 crores to the centre.
A huge crunch has been employed over the black money issue on this November 8 by the prime minister and has also given a sign to the people who are digging holes for their black money that no way will be provided them to save their evil income. While the demonetization was announced on air, people were rushing through the lanes of gold market for exchanging their cash for some gold.
A lot of tax officials are feeling offended while the GST is in coverage right now on every channel and news media, as the 2.36 lakh officers and employees working with commercial and sales tax departments of various states will work on Sunday to press for their demand of having a fair share in the administration of taxes.
Dual control over the assesses from both the states and center was earlier a stick in the neck and is still in the same position. Kerala Finance Minister Thomas Issac said, a vertical division of assessees for the collection of taxes and for the purpose of the audit would create problems for small taxpayers, Kerala, Bengal, Tamil Nadu, Bihar, Delhi, Odisha… the majority of states want a combination of vertical and horizontal (dual control structure). Below Rs 1.5 (crore turnover), states should tax, above Rs 1.5 crore, it can be vertical division.
The centre and its financial department are gearing up for the upcoming GST regime and some of the first reformations are being taken into the SEZ Zone acts. Banikinkar Pattanayak, a government official said that The government will soon tweak certain fiscal provisions of the special economic zones (SEZ) Act, as it gears up to introduce the goods and services tax (GST) regime in the country.
The Media industry in India is known for growth at a faster rate. India is globally the fifth largest media arena. Penetration of smart-phones and the Digital India initiative have led to a spurt of activities in the digital sector.
GST ahead upon its arrival demanding various industries to be vigilant in their case as in latest scenario, All India Gems and Jewellery Trade Federation (GJF) Chairman Sreedhar G V stated that, We are now gearing up for GST and have proposed that the GST rate for the gems and jewellery sector should be 1.25 per cent if the government expects the industry to be compliant and organised.
Enrollment has been started from 8th November for all the states and the last date for GST registration will be running until 31st March 2017.
According to Japanese financial services major Nomura, Goods and Services Tax (GST) benefits are likely to increase over time and in the long run the indirect tax regime with strengthen tax revenues, boost economic growth. The benefits are expected to be substantial, predicts Nomura.
