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The official sources have mentioned that petroleum products and continuation of their VAT attraction will be soon decided by the GST council as cleared by the Maharashtra Minister Deepak Kesarkar to the legislative council.
The central government finally made decisions over the long discussing GST rates in its 14th meeting in Srinagar headed by union finance minister Arun Jaitley along with finance ministers of states. The announcement mentioned that consumer goods for daily consumptions like the pulses, food grains will be cheaper while the Finance Minister Arun Jaitley cleared that GST rates have been fixed for the rest of the total of 1,211 items except for six items due in procedure.
GST is approaching with strict tax compliance and will demand every taxpayer to follow the guidelines accordingly. There is some persistent question regarding the anonymity of unregistered dealers in the GST. Some of the questions are framed here to acknowledge the general queries regarding the transaction with the unregistered dealer.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
Goods and service tax is approaching towards its scheduled deadline and is in the headlines of every news and publishing. While there are various queries and doubts regarding the information and rules regulation, there are general FAQ’s which might solve the questions of public in a easy and simple manner.
Upcoming GST holds various obligations and complexities for the sectors relying upon it, as the Small medium enterprise are going to sail through some tough time once the GST comes into being. In between, the SME sector is pulled up in front of the council and central government for the redressal.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
Goods and service tax is a widely popular taxation scheme all around the globe starting from France, as the country was the first in introducing a detailed and modeled GST scheme.
India on a strict basis made a strict denial to the California-based technological firm Apple Inc in reference with their demands of various exemptions exceeding the government’s norms and rules. The Apple was sorting out to install a manufacturing hub in the south Asian country and for this, the organization was questioning the Indian government to grant some exemptions on imported parts that are used in the assembling process.
