Powerd By SAG INFOTECH
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It is a difficult time for numerous sectors across the nation as the GST is trying to cover up all those into strict compliance. With this into effect, the bicycle industry is also under the problems of tax rates and input tax credit all at once.
Former Haryana Chief Minister Bhupinder Singh Hooda at ‘Vyapari Sammelan’ on July 23, said that the new Goods and Services Tax (GST) is extremely tedious for small business and traders.
Tax Department officials continuously keeping an eye on the prices of goods and services after the implementation of the new indirect tax regime in the country. Manufacturers of consumer goods, mobile handset companies, and food chain restaurants have received the call from tax authorities department to provide invoice details before and after GST.
In the views of Ajit Ranade, the Chief Economist of Aditya Birla Group, GST must ideally have only two slab rates instead of multiple tax rates.
The government has been trying to make every sort of channel to bridge the gap between the taxpayer and the government sources to cherish the upcoming GST in a healthy way. In this direction, the government has started a new Twitter handle for the general public to resolve any queries regarding the Goods and services tax.
The clause for anti-profiteering has emerged quite a while ago when the finance ministry first announced that any company found blocking the tax benefits to the consumers will be penalized and also various other severe measures will be taken against them.
In a few more days to go, the most awaited goods and services tax (GST) will be discussed within the authority of GST council headed by the union finance minister Arun Jaitley and state finance minister along with the leaders of the Union Territory in Srinagar on 18-19 May to conclude upon the taxes of various goods and services and will fit them accordingly into the four tax slabs introduced previously.
It is uncertain that what if the implementation of the Goods and services tax (GST) goes expensive with inflation goes higher but the government is still assuring the fact, that it won’t be the case in the GST.
The GST council along with its rate fitment committee will be resolving the pending task of aligning of all the goods and services in different appropriate slabs to decide and include more and more products and service under the unified tax ambit. The meeting will be starting from 4 May in the national capital New Delhi for three days. A committee member from both central and state tax department spoke that alignment of the tax rate will be finalized at the end of the meeting.
