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As everyone is well aware of the complex GST framework and its upcoming requirements for the settlement among the Indian economic environment, it’s now the banking sector who have raised the hands in front of extremely rigid and tedious GST regime. The Indian Banks’ Association (IBA) which is a governing body of management of banks operational across the nation has cleared out that numerous banks are not fully ready for the upcoming GST scheme.
Apart from the regular tax slab, the GST council has decided 3 percent GST on gold. It is a positive move towards the jewelry association and their growth as the sector was demanding lower tax rates earlier.
On 6th June 2017, the Prime Minister Narendra Modi will take a look on the preparedness of the Goods and Service Tax (GST), which is scheduled to roll out from 1st July. The Prime Minister of India has been continuously in touch with the GST council and has been taking reviews of upcoming tax scheme in order to make sure that the reformed tax regime runs hassle free after the implementation.
For the expansion in GST awareness programs the Finance Minister Manish Sisodia of Delhi Government, had planned to do a Facebook live event before the GST Council meeting in order to solve queries and generate public interest in the topic. But it seems that the technological department i.e. Directorate of Information and Publicity (DIP) gave up on this plan and said that they are not capable of providing such kind of services in the current.
West Bengal is opposing not going forward with new indirect taxation regime as scheduled date i.,e 1st July, which may affect several consumers and manufacturers across the state. Though even 75 days after passing of Amendment Constitution GST Bill, it will be applicable by mid- September. All the states and the Centre have to adopt GST Regime and no need to pay several taxes like excise, service tax, VAT, central sales tax and entertainment tax.
The upcoming GST scheme will be affecting a lot of financial services and this is due to new revised rate of 18 percent from the previous 15 percent being levied by the GST Council in its recent 14th meeting in the Srinagar. Although the differences are said to be marginally still there are various sectors, like banking, investments, insurance, real estate and mutual funds which are to be affected by the turmoil of GST.
GST Council has announced Goods and Service Tax (GST) rate, but it also requires some modifications in the upcoming days. Several industries and businesses which include FMCG, Automobiles and traders had been requesting to the Central Government for revising taxation rates. The next meeting of the GST Council will be scheduled on 3rd June 2017.
It seems that there are no end to the disputes related to the ambitious goods and services tax, the Bengal finance minister has came up with the statement that there can not be implementation of goods and services tax from the July 1st and it will be under scanner as it contains various factors which prove fatal for the lower economy of the nation.
After the announcement of Goods and Service Tax (GST) Rate by Government of India in GST Council Meeting, Amusement Park and Electrical Firms are falling under the 28 percent slab rate in the indirect taxation structure. Both of the sectors are now requesting to the Government to impose a lower tax rate under the new GST Regime.
