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Ocean Freight transport is defined as the process through which merchandise goods and cargo and commodities are transported through shipways via shipping lines.
The recent proposals made by the government in the GST Law are expected to provide solutions for various ongoing GST issues for which companies and associations have filed writ petitions in the court.
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.
Indian banks have approached the government to amend the draft Goods and Services Tax (GST) law so that the transactions between two branches of a bank could engage tax. In the present structure, transactions between two branches of the same bank will involve a tax, which could become a mess on a later stage after the GST rollout.
Central Board of Excise and Customs (CBEC) has been educating people about the new taxation scheme happen to roll next year with the help of various campaigns. The consensus issue still hangs between the centre and all the states under the dual control of dealers up to an annual revenue threshold of Rs. 1.5 crore.
The GST has been very significant reform upcoming in India as it is seen by very positive eyes because it will be a business uplifting scheme after the Independence and certainly a page turner. Another term (MGL) Model GST Law has been studied and has been taken into the consideration in the context of Employer and Employees relation.
Tamil Nadu saw a significant discussion meeting recently in which Salem Central Excise and Service Tax Commissionerate made some important clarifications on Goods and Service tax regime which is destined to roll out on April 1, 2017, absorbing all the indirect taxes currently prevailing in the nation.
As the Government is preparing to roll-out the GST law by April 2017, the newly formed GST council has started considering some mechanisms in order to assure proper functioning of the GST regime. The govt is considering a price-monitoring mechanism under the goods and services tax (GST) to ensure that the benefits get applied effectively on any unwarranted price shocks. Meanwhile, the states are also showing their interest in the regulations carried away by the council over the GST.
