Powerd By SAG INFOTECH
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The nation has seen the clearing of GST Bill with much more anticipation and the government was also seen in all support with this new tax regime. After all, the GST has something very special to provide for the citizen of India. The said bill is said to subsume all the current indirect tax prevailing in the country.
The newly implemented indirect tax regime is influencing the agriculture industry and farmers due to the 5 per cent GST rates on agricultural products.
Here in India, the maximum population is middle class and lower middle class where people either belong to service class or they depend on agriculture for their living. In this scenario, the most important question is what will be the impact of GST on a common man or a middle-class family. There are lots of question in the mind of a common man in these days such as : Is there anything new for him or it’s like an old material in a new package? Is there any tax refile for him in new tax provisions or it will increase the prices of goods and services for him?
GST Bill passed in the Rajya sabha with 203 votes in favour, within the 243 member in house. The GST Bill will replace a raft of all sates and local taxes under a single unified value added tax system in order to make the nation a big single market. The power is in the hands of the centre to levy taxes such as excise and empower states to collect retail taxes.
India’s biggest tax reform has taken place by the introduction of GST. With the idea of ‘One Nation One Tax,’ the tax is warmly welcomed by the majority.
As seen from very long, the GST Debate is going well with enormous talks going again and again in parliament, Lok Sabha, Rajya Sabha and where is needed to reform the taxation scheme currently prevailing in India. Till today, Indian business units are running with basic indirect tax scheme which includes various steps and channel gates by which a tax payer has to undergo.
Finally, the snail paced GST Bill issue stood in line for consideration and passage in Rajya Sabha on Wednesday in the expectation that congress and all the big parties would give their shoulders to the deep impacting taxation scheme.
Even after almost a month of the launch of GST in India, people and businesses are still struggling to accept it completely. Let’s see how people from different areas are reacting to GST and what are their concerns.
The final draft of the much talked about Goods and Service Tax (GST) , prepared by the central and state government officials,has been submitted to the the State Finance Ministers’ Committee. The empowered committee is expected to take the issue in the meeting that is planned for next week
