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In a recent decision taken by the Modi government has given a relaxation and a worthy package of Rs 27,413 crore to all the hill states of India.
Goods and service tax has proven a heavy tax scenario on to the Ambulance category vehicles as 10 to 13 seater Ambulance vehicles are now completely halted for sales. According to the industry experts, the issue which has been concluded is that the ambulance vehicles are not on the list of exempted items. And without the exemption, the ambulance vehicles are bound to be sold at the higher slab rate of 28 percent tax.
Recently in the research done by an economic survey which was also presented in the Parliament, Stated About formed structural positiveness in the second thought
One of the experts in market studies and industry research stated that the Cess which is introduced in the GST for compensating the loss of the states can possibly be dropped after five years in the lieu of the structured tax system which will otherwise fulfill the revenue of state government.
The former Chief economic advisor of India, Mr Kaushik Basu said that there has been a drastically declining of inflation rate which is both good and bad.
The GST Council may reduce tax rates on job work to those who are making fabric to the garment and put it under 5 percent slab rate structure in the GST framework. The meeting will be conducted tomorrow and may be the industry have to register online for goods worth above Rs 50,000 before getting transported.
The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3
The finance minister took a turn in his statement and stated that in the future course of time, the GST rates may be rationalized. The most comprehensive tax regime may see a difference after some time with the scope of rationalization of slab rates 12 and 18 percent into one.
Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST.
