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The government has this time to have an increased Tax to GDP ratio by 12 percent in coming two years by FY20. For this, the authorities will be having benefits of newly implemented GST and the thorough cross checking of accounts with their taxpayers.
The solar sector is troubled with the implementation of the new indirect regime as tax rates of solar products are not clear. However, suppliers yet not started passing benefits to the consumers that they acquiring from input tax credits- which is connected to high taxation rates and higher prices for customers.
After so many chaos and confusion Goods and Services Tax (GST) Regime has been implemented across the country on 1st July. Finance Ministry on Friday has cleared that the education sector will not be affected by the implementation of this new regime and no tax will be levied on the educational services.
For opposing new GST Regime, a Public Interest Litigation (PIL) has been filed in the Bombay High Court. Dr K. S Pilai, a 63-year-old retired professor from the King Edward Memorial Hospital from Parel has filed a petition and alleged that the government is hurrying in implementing new indirect taxation structure in India. The hearing of the case will be held on 29th June.
The new Goods and Service Tax (GST) is going to implement from 1st July. The confusion about tax levies on statues and pictures of religious deities under new GST Regime has become an issue of anxiety for sculptors.
According to the Development Bank of Singapore, the country need not to be worried from the new taxation regime as basic or essential items have been placed in zero- rated or exempted category. So, the economic impact of new Goods and Service Tax (GST) will be inflationary with little or less influence.
Only 15 days are left for the implementation of new GST Regime and the experts have raised issues that service sector are facing the problems in shifting to new Goods and Service Tax (GST) Regime.
Finally, GST council heard of many sectors which were requesting for some relief from the heavily loaded GST rates levied upon them.
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.
