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As per the reports, the pharmaceuticals industry has already started to de-stock and also returned their stock to the supplier companies for that same reason. Also, the GST council has given that the daily necessary items would be in the lower category of tax which has hinted the traders to de-stock their already available stock within their premise.
There are various provisions in the GST and their work-ability is only understood by the apex officials who have worked upon the tax regime and has tried every possible way to make it happen. Recently Union finance minister Arun Jaitley stated that the quarterly filing of the return is not feasible and can not work for the taxpayers who has a turnover of above Rs. 50 lakhs.
The new GST regime will be enforcing numerous tax compliance along with the strict prosecution which will further lead to demand GST jails in every state as stated In the meeting of the Punjab State Trade Board, the State General Secretary Sunil Mehra, District President Radheshyam Ahuja, Vinod Bharti.
Goods and service tax is approaching towards its scheduled deadline and is in the headlines of every news and publishing. While there are various queries and doubts regarding the information and rules regulation, there are general FAQ’s which might solve the questions of public in a easy and simple manner.
The upcoming goods and services tax in India will be impacting the gold consumption at a rate of 4 percent as speculated by the World gold council (WGC) executive in a recent meeting. GST is said to impact the gold consumption for around 4 percent in the year 2017 to nearly 650 tonnes.
The GST is considered to be the biggest and most impactful tax regime in the Indian taxation industry as it is supposed to eradicate the leap of indirect taxes currently prevailing in the country.
The Goods and service tax is under a very heavy pressure to improve and get ready for its upcoming rollout. Struggling with issues like poor internet connectivity service for the integration of the tax data framework to the low performing software from the government which it seems unable to handle a staggering amount of 3.5 billion invoices per month, all has to be resolved under a meager amount of time.
Certain items are on the speculations of becoming cheap once the goods and service tax rolls out as an easy and hassle free implementation of the GST is expected to make inflation not hitting hard on the general consumers. Currently, the GST council has finalized certain draft rules concerning tax refund, registration, invoice debit and credit, the framework on input-tax credit, valuation, transitional provisions and composition which will be ascertained in the next GST council meet on May 18.
Recently after a big disruption caused by a fraternity of MLA’s in the Rajasthan assembly, which evoked the speaker and other head ministers to suspend them for initial one year, the assembly has been finally able to pass the state goods and service tax successfully.
