Powerd By SAG INFOTECH
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From 00:00 AM of July 1, 2017, India started a new journey along with a new tax regime under Goods and Service Tax, on which the leading industrialists and top businessmen of the country expressed their support for the sweeping tax reform that is believed to provide a great momentum to the economy of India
Goods and Service Tax (GST), the biggest tax reform since Independence is to be implemented from 1st July. It is a great initiative towards the partial taxation scheme and it is done with the help of each and every centre and state officials help.
The United States President Donald Trump appreciates the Modi government for taking the bold step of launching Goods and Service Tax (GST) Regime in India from 1st July. And stated that it will also create “great new opportunities” for the country.
Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, the supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.
The central government has been trying every sort of relaxations for the trader’s community, whether offline or online. This time merchants and all those traders which are selling the goods and services through the online portal are now on the track to cover up their business while also staging themselves to be under the GST as soon as possible.
Few days before the launching of GST Regime the government on Wednesday disclosed that the taxpayers are required to submit only one return in a month similar to the taxpayers do earlier.
Recently, the government have made some relaxed rules and regulations for the home-buyers and has also asked the builders community to take care of the newly incorporated laws. But recently it was surfaced through sources that the builders are not doing what the government has asked them to do, in fact they are making an exact opposite action of it.
According to three GST providers who spoke with an imminent media house on the basis of anonymous identity mentioned that the new rules, regulations, and revisions made by the Goods and Service Tax (GST) are influencing the new Information technology and cutting down the time available for software testing and security compliance.
Several business segments and industries are worrying about the new Goods and Service Tax (GST) Regime in India, as less than three weeks are left now for implementing GST. Most of the industries are not prepared for the new GST Regime but still, there is a confusion on what taxation rates will be levied on automobile industry either it is 28 percent or 30 percent.
