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On Tuesday, Jammu Chamber of Commerce and Industries (JCCI) said, without the implementation of GST Regime operating the business in Jammu & Kashmir will not be possible. The political parties will be liable for two major points i.e., increase in prices of daily consumptions items due to the double taxation and shortfall of necessary items.
Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, the supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.
Only a few days are left for the actual implementation of Goods and Service Tax Regime (GST) and will be launching on midnight of 30th June across the country. Some analysts are indicating for caution.
Walmart, a retail giant hailing from America and operating in India has released in its statement the upcoming GST regime will be blessing the retail chain with a bunch of profits and other benefits in the loop. The goods and service tax is about to roll out in few days with a nationwide impact over business units.
The central government has been trying every sort of relaxations for the trader’s community, whether offline or online. This time merchants and all those traders which are selling the goods and services through the online portal are now on the track to cover up their business while also staging themselves to be under the GST as soon as possible.
Navin Kumar the chairperson of GST Network assured that the IT platform will be available for the full usage from July 15 and the stabilization will only come after 3 to 4 months after the roll of GST. Some of the questions were raised in front of him which was answered in his own way
In a free- wheeling round table meeting Top 21 World’s CEO along with US President Donald Trump on Monday, Modi said, India’s growth presents a win-win partnership for both India and the US.
The registrations are again up for the taxpayer’s community who had missed the previous timelines but this time with a more tight area for the process. The GST network is open for the assesses to register within the GST with less than a week away from the ultimate roll out.
The central Government bodies of the country are currently working with exporters and importers to prepare them for the upcoming Goods and Service Tax (GST), which is going to be implemented from 1 July 2017 in India.
