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The union finance minister in its latest talks cleared the air regarding the implementation schedule of upcoming goods and services tax in India. In an interview, the minister said that the GST is a very simplified tax scheme and there is no reason to postpone it further than the pre-decided date of 1st July 2017.
GST Council has announced Goods and Service Tax (GST) rate, but it also requires some modifications in the upcoming days. Several industries and businesses which include FMCG, Automobiles and traders had been requesting to the Central Government for revising taxation rates. The next meeting of the GST Council will be scheduled on 3rd June 2017.
After the announcement of Goods and Service Tax (GST) Rate by Government of India in GST Council Meeting, Amusement Park and Electrical Firms are falling under the 28 percent slab rate in the indirect taxation structure. Both of the sectors are now requesting to the Government to impose a lower tax rate under the new GST Regime.
The SME (Micro, Small and Medium Enterprises) sector of India is going through a major growth phase and is also considered as a significant leader in the expansion of the economy for many years. And by the statistics provided by the SME Chamber of India, the SME industry is a major contributor with almost 45 percent in the industrial output and making 40 percent of the exports.
Recently after a big disruption caused by a fraternity of MLA’s in the Rajasthan assembly, which evoked the speaker and other head ministers to suspend them for initial one year, the assembly has been finally able to pass the state goods and service tax successfully.
As the GST is coming to redefine the economy of India, its service providers also geared up to face the challenges being thrown by the operation and implementation of it.
Economic Affairs secretary Shaktikanta das cleared some doubts regarding the impact of GST on the basic nature of economic condition of the country and said that demonetization along with GST has the capabilities to take the tax to GDP ratio to a wider base while doing an overall improvement in the growth of economy in coming two-three years from now.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
Former President of the Confederation of Indian Industry and Veteran industrialist Adi B Godrej has whipped hard on the extension suggestion of goods and service tax in India being pulled out by various industries and individuals by directly tagging them as the tax evaders. The noted industrialist has given his concerns over the postponement of the GST as a ridiculous suggestion by the minded people of the market.
