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One common unified tax will be applicable after the introduction of GST. GST Regime will replace octroi duty and nearly 1,300 employees of the Brihnamumbai Municipal Corporation (BMC) will be fired from the job. People who are working in the Octroi Department which include five check posts at Mumbai’s entry-exit points will be jobless.
India is about to create a huge taxation system with the help of information technology in processing and generating an estimated 3.5 billion invoice per month and has eyes upon the predetermined deadline of July 1st.
The legislature has proposed subsidy up to Rs. 1 lakh for micro and small enterprises to urge them to utilize cloud computing for information and correspondences innovation applications
The Traders association Confederation of All India Traders (CAIT) has raised an issue against the low level of technological assistant available for the traders across the nation which can combat the upcoming GST prerequisites of the online establishment of the structure.
Goods and service tax might prove to be a beneficial implementation for logistics firms. This point is creating buzz these days in the share market. But the sector knows that the sudden benefit will not shower upon them and the gradual hike will only be seen after one year of GST implementation.
Goods and service tax implementation is being speculated with many professional eyes and in this attempt, Nomura, Japanese financial service provider and a mogul in its field served its clever statistics over the Indian economical inflation and its overall impact along with its growth rate.
GST is one indirect tax for the whole nation which makes India one unified common market. GST is a single tax on the supply of goods and services, credit of input tax paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
GST is not an overnight thought in India and it takes patience to introduce any new tax reform as consequently, it affects the economy and the India Inc needed to prepare for it before hand. GST is the first tax reform after the independence. We have waited for two decades to introduce GST in India.
The Goods and Services Tax has a reason to give numerous opportunities to the financial caretakers of companies and organization who rely on Chartered Accountants for all their statistical and accounting data maintenance.
