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The expert belief has suggested that Goods and Service Tax will bring some competitiveness into the MSMEs Arena. The Micro Small Medium Enterprise as of now scattered into organized and unorganized sector but both of them will come into an active position to meet the rumble. The said gesture was made by experts at manufacturing conclave which was held by Confederation of Indian Industries (CII) on Tuesday.
Central Board of Excise and Customs (CBEC) has given a new draft rule regarding the implication of popular taxation regime GST on Tuesday. The format on GST return and refunds required assessees to file monthly returns and specifying procedure for claiming refunds of taxes, interest, and fees.
E-commerce or electronic commerce (an online shopping hub) manages the buying and selling of products and services exclusively through electronic channels. E-commerce captures around 33% of the global market with a positive growth in near future.
The government is in full swing to implement the GST Act by April 2017. A short winter session of Parliament will be held post-Diwali in order to ratify several changes in the Goods and Services Tax (GST) Act
The South Indian Film Chamber of Commerce (SIFCC) is seeking a resolution from the Union finance ministry quoting the adverse effects of GST on the film industry.
The Kerala govt is yet to ratify the GST ACT and the CPI(M)-led LDF government, state Finance Minister T M Thomas Isaac has protested against the procedures that are being adopted by the GST council scheduled on September 22 and 23.
Goods and Service Tax proceedings have been completed up to 60 percent in its structure, which is habited to implement on next April, but there is some major concern regarding GSTN among the government officials including IRS officers who have given a different sign towards the step which GST council might take.
Talking about the levy of excise duty, the Finance Ministry said on Monday that there is no legal infirmity in the notifications issued by the government in context to the GST Constitution Amendment Act.
As the Government is preparing to roll-out the GST law by April 2017, the newly formed GST council has started considering some mechanisms in order to assure proper functioning of the GST regime. The govt is considering a price-monitoring mechanism under the goods and services tax (GST) to ensure that the benefits get applied effectively on any unwarranted price shocks. Meanwhile, the states are also showing their interest in the regulations carried away by the council over the GST.
