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The Surat textiles industry is protesting for newly introduced Goods and Services Tax Regime and demanding for GST exemption on fabric and textiles.
Previously, Chairman of Central Silk Board K.M. Hanumantharayappa had requested to the government to cut down the taxation rates from 5 percent to 2 percent on silk yarn and fabric. Now the Central Silk Board has announced that the GST implementation will not increase the silk prices.
Retail has become the second largest sector after the agriculture and it has made a life time opportunity for the people working in the sector.
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.
Input tax credit is considered very significant for every business unit which are always in the need to invest in the business in the manner of capital.
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.
