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The latest GST council gatherings have missed the mark regarding desire as the absence of agreement on the issue of tax organization or ‘double control’ implies that April 1, 2017, due date for GST usage looks unachievable.
Goods and Service tax has come a long way into the middle of the economy and its working, as the majority of the politicians are assuring that the GST can be actualized in April. Earlier it was speculated that there can be little delay in the implementation but now with a responsible person giving a gesture of GST, one can assume the April deadline also.
Commenting on the Center’s dropped proposal of bringing Real estate under GST, the Taxation Minister Zenith Sangma stated that the middle class and the lower middle class would be affected if the real estate sector comes under Goods and Services Tax.
Upcoming Goods and Service Tax has already demanded various prerequisites for registration of old and new dealers as the mandatory guidelines are for their own benefits. The knowledge and details of all the registration process have been shared via all the means of communication to the general public and the dealers.
GST is being considered as the greatest tax change in the historical backdrop of free India and is being anticipated as one nation, one tax. Businesses are idealistic that GST will make uniform expense all through the nation.
The latest nationwide crisis of demonetization-instigated money emergency has given a toll of reasons to the industries of various genre for getting themselves under the hood for a little while and still the industry needs more opportunity to set itself up for the goods and services tax (GST) and so is not stressed over a delay in its roll-out.
GST is one indirect tax for the whole nation which makes India one unified common market. GST is a single tax on the supply of goods and services, credit of input tax paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
The Finance ministry toned their voice higher over the execution of the Goods and services tax (GST) from April 1, 2017, even as the Center and states are yet to achieve an understanding of the thorny issue of managerial turf over assessees and just two days are left for the winter session of Parliament to be over.
GST is not an overnight thought in India and it takes patience to introduce any new tax reform as consequently, it affects the economy and the India Inc needed to prepare for it before hand. GST is the first tax reform after the independence. We have waited for two decades to introduce GST in India.
