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The GST is considered to be the biggest and most impactful tax regime in the Indian taxation industry as it is supposed to eradicate the leap of indirect taxes currently prevailing in the country.
Recently after a big disruption caused by a fraternity of MLA’s in the Rajasthan assembly, which evoked the speaker and other head ministers to suspend them for initial one year, the assembly has been finally able to pass the state goods and service tax successfully.
The finance ministry is taking the GST matter to the general public for the suggestion and advice row as the ministry have put a set of 8 rules in the public domain, which will be applied to the roll out of goods and service tax in India starting July 1. The government is also seeking comments from the industries in concern on the newly included 4 set of laws i.e. GST Composition, GST Valuation, GST Transition and GST ITC. The rules got passed with some approximation at the meeting of GST council on previously gone March 31.
The upcoming GST may demand a pick over the pockets of the salaried employees as the suggestion and recent disclosure has unveiled that the goods and service tax regime may be applicable if an employee of an organization crosses its predetermined cost to company package and uses the resources of company’s assets or other personal facility being accommodated.
In a fortifying step to clear out each and every issue arising out of trade and industries in the concern for goods and service tax rolling out soon from July 1, which is just over three months from its execution, the government of India has harmoniously raised their hands to the aching community from every sector, be that from e-commerce, banking and insurance, logistics to come up with their problematic worries before the GST.
The GST council and the CBEC are being considered as the topmost authority in the upcoming goods and service tax direction. And ahead of GST, the finance ministry is in full preparation to change the name of old The Central Board of Excise & Customs (CBEC) into the specific Central Board of Indirect Taxes & Customs (CBIC) as soon as possible.
The Union cabinet finally approved the long-awaited GST draft bills in a meeting held in favor of India’s upcoming taxation regime, and now the remaining task is to get it approved in the Parliament as soon as possible. A total of four draft legislations are supposed to be introduced as money bills in the parliament i.e. the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST) after the approval of Union cabinet and earlier got approved in the meeting of GST council.
The prime minister of India, Mr. Narendra Modi has given impressions to the general public to held discussions and try to understand the upcoming goods and service tax in a way to implement the tax regime in easy and smooth manner.
The ongoing meeting of the GST council has been expected to pass out the two remaining legislature in order to give a start to the countries most ambitious taxation regime. The SGST and the UTGST are two remaining bills which are needed to be cleared for the progress of the tax scheme.
