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The apex body along with the responsible team of ministers and tax officials will be organizing a meeting to discuss and finalize the service tax under the GST.
The government is restructuring every possible move to synchronize with the upcoming GST regime, now the center is validating the point to keep the GST rates for a section of the product as neutral as possible.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
Goods and service tax is a widely popular taxation scheme all around the globe starting from France, as the country was the first in introducing a detailed and modeled GST scheme.
In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
As the goods and services tax is approaching towards the nation’s economic heart, many economists and tax experts are believing that the transactional data would soar high after the implementation of goods and service tax in India and will demand the business units to comply with the newly embedded tax regime very attentively and also rigorously.
Finally, the GST has seen the light of its day as the Rajya Sabha has approved each and every bill assumed in the regime to take over all previous forms of taxes prevailing in the country. The major concentration to be focused on the fact that the bills were passed without any amendments which have also given the idea of political consensus over the goods and services tax.
Finally, the draft bills of GST presented in the Rajya Sabha for the discussion as speculated by the GST council and government authorities to wind up the GST procedure as soon as possible. Earlier the Lok Sabha has cleared four significant bills of GST which were relevant to Central GST, Integrated GST, UT GST and GST Compensation bill.
The automobile has already got a set back after the ban of BS 3 vehicles recently in which the industry had to wrap off all its old stock at a drop down prices. In the next step by the government and GST council as both, the duo has proposed that the fuel price can be increased along with the increase in tax implication on second-hand vehicles.
