Powerd By SAG INFOTECH
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According to the previous provisions, a works contract is a combination of transfer of goods and services. While under GST regime, the service tax is applicable for work contract only on service part.
A very significant day has finally arrived in the economic corridors that will decide the fate of inflation in India. Today, the new tax rates will be decided under GST for the goods and services running across the nation. The meeting will be held in Srinagar by the apex GST council headed by union finance minister Arun Jaitley.
The Goods and services tax will be absolute in the matter of curbing tax evading practices as the invoice matching mechanism will be a significant tool in ascertaining the transaction details while matching it with the details furnished by the taxpayer.
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.
Upcoming GST regime will be giving some serious authority to the GST officers to make a vigilant and strict move towards the fickle minded business units. The GST regime in its provisions and clause gives the power to the GST officer to term 5 years of jail to any convicted businessman in the case of proved conviction. The GST officer can also impose a heavy penalty over the particular convicted businessman or trader who is booked under the tax evasion case by the vigilant team.
Many states are now in fully working mode to clear out the GST as soon as possible, and in the same direction, Bihar and Rajasthan called for significant sessions in their designated assemblies to pass the state goods and service tax bill (SGST) on 24th April next week. In the second week of May, Assam will be also targeting to pass the bill in its assembly as told by an official.
Keeping in mind the end goal to encourage the little taxpayers, who don’t have admittance to internet banking offices, the government of India has thought over the GST Online Payment and offered the choice of Over the Counter (OTC) installment has likewise been proposed under the GST administration.
GST will be soft even in the cases of criminal activity within the premise of tax collection. As per from the sources, the authority is discussing about provision which can give some relaxation to the dealers or any business units if it’s found guilty of not repaying tax or providing false information and in order to make GST administration less burdensome
In various cases of exemption-seeking from all the industrial and sectors for the purpose of saving some tax revenue continuing for a further investment in GST structure, here in case of adversity, the polyester sector was seen asking for a steady tax rate even after a certain relaxation can be layered on it.
