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The goods and services tax has finally ended up the online party for the smartphone customers. The gap between the online and retail prices of the smartphone is now reduced to a considerable level with still lesser price marks in comparison.
The government has all the strategies to cope up the delay caused by many factors in the implementation of GST. This time the administration has come up with an idea to increase the service tax just in the case of late implementation of goods and service tax which is also likely to cross the assumed date of April 1.
In various cases of exemption-seeking from all the industrial and sectors for the purpose of saving some tax revenue continuing for a further investment in GST structure, here in case of adversity, the polyester sector was seen asking for a steady tax rate even after a certain relaxation can be layered on it.
The finance minister Arun Jaitley shall reveal the timeline for the much-anticipated tax reform— GST—in the upcoming Budget 2017-18, which would be carried out on February 1 2017. The Part B of the Budget speech, which contains tax proposals, could bring half-yearly estimates of service, central excise duty and collections from other indirect taxes (excluding customs). India is keen to implement GST on or before September 15, 2017.
After the plea of commerce and Industry minister Nirmala Sitharaman on the issue of exporters, refund duty which takes a long time than normal has been considered in view of traders blocked revenue for investments. The issue was raised in the eighth meeting of the GST council while the quick reaction of the request is what takes an attention.
GST Impact on Indian Aviation Sector
The Goods and Service tax have a long way to go as the hurdles are getting in between for quite some time. The dual control issue is still on the hooks for the union authorities as well as GST council can not decide the ultimate fate of this dual control matter.
Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute a major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also.
Congress pioneer Jairam Ramesh said the party was always speaking with West Bengal Finance Minister Amit Mitra, who is the executive of the empowered committee of state finance ministry. The parties have been in contact with each other and more than a few outstanding issues in regards to the execution of the Goods and Services Tax, in front of a two-day meeting of the GST Council.
