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After getting ratified by more than 50 percent of the Indian states, the Goods and Services Tax Bill has been signed by the President Pranab Mukherjee. The Bill has become an Act now. Now, it is all set to be implemented by the proposed deadline i.e April 1, 2017.
The government is striving to meet the GST deadline which is proposed on 1 April 2017. The implementation date for the goods and services tax is highly crucial and the Govt don’t want to extend it further as the bill has already been late, said finance minister Arun Jaitley.
India’s web of telecom industries is world’s second largest wireless market, which includes over a billion of active users. The scales shown by them shows their efforts to become one of the biggest success stories of the country. Work done by these firms literally have revolutionized the lives
Revenue Secretary Hasmukh Adhia said on Thursday that the small businesses or traders with annual turnover of up to Rs 20-25 lakh will be exempted from Goods and Services Tax (GST), and the Centre and the states will agree on the same shortly.
As per the CRISIL’s report(October 2015), the insurance industry of India consists of around 52 insurance companies of which 24 are life insurance and 24 are engaged in non-life insurance companies. India’s Life insurance sector recorded a new premium income of Rs. 1.38 trillion for the period April 2015 to March 2016 indicating a growth rate of 22.5 percent.
As of now, 15 of the total states have taken the decision of supporting the much talked about GST bill. Now the turn is for major states and all the eyes are on to them. After the GST bill received approval from the monsoon session on August 8 in Parliament, now 14 states are left to ratify the bill and a GST council will be established thereafter. There are some states that are yet to take up the GST in their legislative assembly and some haven’t shown a sign of support.
The nation has seen the clearing of GST Bill with much more anticipation and the government was also seen in all support with this new tax regime. After all, the GST has something very special to provide for the citizen of India. The said bill is said to subsume all the current indirect tax prevailing in the country.
The newly implemented indirect tax regime is influencing the agriculture industry and farmers due to the 5 per cent GST rates on agricultural products.
The Constitution (122nd Amendment) Bill, 2014 known as Goods and Services Tax (GST) Bill got passed by the Rajya Sabha on August 3, 2016, and went on to for final approval to the lower house.
