Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
GST Taxation scheme will stir some of the names under its implication, such as Apex indirect tax body CBEC will be named as the Central Board of Indirect Tax (CBIT) as soon as the GST strikes on 1st April next year. Governed by the secretary-level officer, exemptions, and threshold which are implied by CBIT now will be set accordingly by GST council being chaired by Union Finance Minister and has state finance ministers as its members.
With the approval of President Pranab Mukherjee on the GST Bill, the Bill has already become an Act in India. It is likely to follow the Government deadline of April 1, 2017. Meanwhile, the govt will utilize the time to form a special GST council to set the GST rates for the different sectors of the Indian economy.
The automobile Industry is very hopeful with the GST regime as the government is very cautious particularly for this sector. The industry of automobiles is tremendously big which tackles the manufacturing of a very large chunk of cars and bikes every year.
After getting ratified by more than 50 percent of the Indian states, the Goods and Services Tax Bill has been signed by the President Pranab Mukherjee. The Bill has become an Act now. Now, it is all set to be implemented by the proposed deadline i.e April 1, 2017.
The government is striving to meet the GST deadline which is proposed on 1 April 2017. The implementation date for the goods and services tax is highly crucial and the Govt don’t want to extend it further as the bill has already been late, said finance minister Arun Jaitley.
India’s web of telecom industries is world’s second largest wireless market, which includes over a billion of active users. The scales shown by them shows their efforts to become one of the biggest success stories of the country. Work done by these firms literally have revolutionized the lives
Revenue Secretary Hasmukh Adhia said on Thursday that the small businesses or traders with annual turnover of up to Rs 20-25 lakh will be exempted from Goods and Services Tax (GST), and the Centre and the states will agree on the same shortly.
As per the CRISIL’s report(October 2015), the insurance industry of India consists of around 52 insurance companies of which 24 are life insurance and 24 are engaged in non-life insurance companies. India’s Life insurance sector recorded a new premium income of Rs. 1.38 trillion for the period April 2015 to March 2016 indicating a growth rate of 22.5 percent.
As of now, 15 of the total states have taken the decision of supporting the much talked about GST bill. Now the turn is for major states and all the eyes are on to them. After the GST bill received approval from the monsoon session on August 8 in Parliament, now 14 states are left to ratify the bill and a GST council will be established thereafter. There are some states that are yet to take up the GST in their legislative assembly and some haven’t shown a sign of support.
