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The goods and service tax was always seen as the messiah of nations economy as it is the one nation one tax regime for the businesses running here in the country. Thoughts over this tax regime were always ambitious but as the time is passing frequently, the industry bodies and various business units have come out from the shell to regard the GST, a very hard to comply taxation scheme.
The GST council has finally given some relief to the e-commerce retailers in hope to reduce the compliance as well as saving the capital for the same. The giants like Amazon and Flipkart were the first among the queue which was raising the issues and concern on the Tax Collected at Source clause after it was presented at the council’s meeting. The new draft law has proposed that the TCS will now be deducted at 1 percent and will be no limit thereof. The cap has assured that the levy will not surpass this given rate of tax.
It seems that an emerging sector named e-commerce is now in a dooms period as the latest GST provision covering for the fact that the TCS will be collected on the behalf of sellers and must be submitted to the government for the proper continuation of the companies in the current tax structure.
Goods and service tax is already exciting many of the dealers to implement the changes it will come with by, still, the many industrial bodies are expecting the growth to be substantial and a positive one. The GST migration of the VAT dealers has carried away on the full-fledged manner and hopefully, seems to get finished by the end of this month. Retailers have looked for early execution of the Goods and Services Tax administration will be a distinct advantage for nation’s retail division.
The goods and services tax has finally ended up the online party for the smartphone customers. The gap between the online and retail prices of the smartphone is now reduced to a considerable level with still lesser price marks in comparison.
The tourism industry is going in a miserable position as many of the expectations are sticking towards the upcoming GST. As speculated the GST council fixed tax rate over the hotel and tourism industry close to 28% along with full input tax credit return which is considered very high in terms of the highly volatile market.
Oncoming GST has given a fruitful news to the Nagpur land owners, as the city has got all the attention it needed due its feasibility and approach-ability from almost all the cities of the Nation. Once the GST applies itself into the scenario, the local and indirect taxes which were levied at every stage of geographical shifting of goods will be slashed.
Retailers Association of India (RAI) asked the ruling government to develop a unified FDI policy for the retail business sector that also covers e-commerce or online trade as its component.
GST Forms for Regular Dealer GST Forms for Composition Scheme GST Forms for Tax Deductor GST Forms for Input Service Distributor GST Forms for UN Bodies / Embassies GST Forms for Non-Resident Assessee GST Forms for Temporary Registration GST Forms for Existing Taxpayer GST Forms for E-Commerce GST Forms for Regular Dealer GST Forms for […]
