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According to the media sources, today Finance Minister Arun Jaitley has promised that not to spring any surprises in fixing the taxation rates under the execution of new GST law, and also said that they will not be significantly different from the current levels.
The government is in deep confusion ahead of goods and service tax as for fitting various services across the nation into a fruitful tax slab along with the categories including logistics and transportation which are expecting a lower application of taxes while compared to the current 18 percent spread across on several another kind of services.
GST composition scheme was implemented under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. GST composition scheme assures greater compliance without the requirement of maintaining records. This system is missing in Service Tax laws. Latest Update 13th October 2022 09th July 2022 09th May 2022 GST Software Demo for […]
Bihar Legislative Assembly has flagged off the Goods and Services Tax (GST) bill along with the Bihar taxation (Amendment) Bill. Bihar CM Nitish Kumar has termed it as ‘a historic moment’. Reportedly, Telangana was the first state to pass the GST bill in its assembly.
Upcoming GST holds various obligations and complexities for the sectors relying upon it, as the Small medium enterprise are going to sail through some tough time once the GST comes into being. In between, the SME sector is pulled up in front of the council and central government for the redressal.
Now the GST mandates all the goods lost, stolen and gifted to be maintained under the new taxation regime coming from July 1 most probably.
Gold jewellers are into a bit of confusion on GST as there is anonymity over the gold jewellery in the market. The service charge is being portrayed as making a charge by most of the jewellery community and applies it to another bill, so as per the GST draft rules and guidelines
Goods and service tax will create an all round difference in the economy as well as in the functionality of business units and in this matter, a various lower business might try to bring down their actual income in the bracket of 20 to 50 lakh in order to save 1-2 percent over the generated tax obligation.
Goods and services tax is just doing well in its approach towards the national financial and economic structure. Various experts have sorted out different ways in which the procedural and the working of business will get affected and will adopt a new course of working under the GST regime.
