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Kerala Finance minister Thomas Isaac said that he is confident that the central government won’t have the capacity to show the supporting enactment of the goods and service tax (GST) in this session of Parliament.
The States have requested that the Union government be “liberal” towards them given the impacts of demonetization and the ensuing anticipated drop in incomes. They have additionally referred to the unwinding in getting limits recommended by the Fiscal Responsibility and Budget Management (FRBM) Act.
West Bengal finance minister is relentlessly pressurizing the point that the demonisation effect will also cover the GST and its roll out in coming future. West Bengal finance minister Amit Mitra said that, “the timing is not right for its implementation, given the impact on state finances because of the partial demonetisation, Demonetisation of Rs 500 and Rs 1,000 currency notes, and the resulting turmoil, makes April 1, 2017, target date for a national goods and services tax (GST) unlikely.”
The Union government on Saturday released the drafts of the three supporting legislations for the Goods and service tax (GST). These three draft laws are—the central GST law, the integrated GST law, and the compensation law— which will be talked about in the meeting of the GST Council scheduled on 2-3 December. After a while board gives its gesture, the bills will be presented in Parliament in the progressing winter session. Entry of the bills in the upcoming winter session will be vital for the administration to meet its 1 April execution due date.
The onset of GST might bring a happy face on the consumer of Indian community as the latest draft bill will be issuing a new provision which states an anti-profiteering clause. This clause depicts that the India Inc fraternity will be reducing the prices of the commodities which will get the benefit under the GST regime arriving early 2017.
The old issue of assessees control has been replied by The Indian Revenue Service (Customs and Central Excise) officers’ association who has demanded the council to give the authority of assessing all the taxpayers under the turnover of lesser than 1.5 crores to the centre.
A huge crunch has been employed over the black money issue on this November 8 by the prime minister and has also given a sign to the people who are digging holes for their black money that no way will be provided them to save their evil income. While the demonetization was announced on air, people were rushing through the lanes of gold market for exchanging their cash for some gold.
A lot of tax officials are feeling offended while the GST is in coverage right now on every channel and news media, as the 2.36 lakh officers and employees working with commercial and sales tax departments of various states will work on Sunday to press for their demand of having a fair share in the administration of taxes.
Dual control over the assessees from both the states and center was earlier a stick in the neck and is still in the same position. Kerala Finance Minister Thomas Issac said, a vertical division of assessees for the collection of taxes and for the purpose of the audit would create problems for small taxpayers, Kerala, Bengal, Tamil Nadu, Bihar, Delhi, Odisha… the majority of states want a combination of vertical and horizontal (dual control structure). Below Rs 1.5 (crore turnover), states should tax, above Rs 1.5 crore, it can be vertical division.
