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About three weeks left for the implementation of GST Regime in India and still the insurance industry is working effortlessly. The industry will not only require modifying their back-end systems but they will also require registering their offices across all the states in India.

Finally, GST council heard of many sectors which were requesting for some relief from the heavily loaded GST rates levied upon them.

The government is pressurizing to all the Members of Parliament and State legislatures to start spreading knowledge & awareness of Goods and Service Tax (GST) Regime across the country. Union Finance Minister Arun Jaitley has requested to all political parties to clearly understand the concept of new indirect taxation regime and also provide help or support to people, industries, businessmen whenever it is required. In a letter, Jaitley presents his views in the front of several political parties and said that he want their cooperation for the implementation of new GST Regime in India, which is going to implement from 1st July.

The Union Finance Minister Arun Jaitley on Saturday has finalized the GST (Goods and Services Rates) for frequently used items, which includes footwear, gold, biscuits, textiles and apparels. Apparently, it was seen that these common items are kept in strange rates as the usage makes them special and the rates covered upon them might take a hit.

The Central government is forcing to implement Goods and Service Tax (GST) from 1st July but there is always something which stops its way. Under the new GST Regime, GSTN is one of the IT platforms which helps to perform any kind of GST activities which was developed by the mutual concern of Government and Private IT company. State Government, as well as several stakeholders, was disappointed with the readiness of IT platform as it seems that it is still under working phase.

Retailers which are learned from the upcoming GST are offering 20-40 per cent discounts on white goods or electronic appliances, including television, AC, refrigerator and so on to clear the available stock and minimize the losses, before the implementation of Goods and Services Tax (GST) i.e., 1st July.

The union finance minister in its latest talks cleared the air regarding the implementation schedule of upcoming goods and services tax in India. In an interview, the minister said that the GST is a very simplified tax scheme and there is no reason to postpone it further than the pre-decided date of 1st July 2017.