Powerd By SAG INFOTECH
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The e-way bill which got much hype after its introduction may be delayed due to the draft bills and rules which are still under the discussion in GST council.
India is making full efforts on implementing indirect taxation structure system. It is similar to State Good and Service Tax (SGST). Tax-free zones are some specific areas in which business enterprises are exempted from paying sales state tax and will be eligible to claim the refund under new GST Regime.
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.
The GST is in the queue for the implementation and every corner of the financial corridors are now talking about its registrations which will be going to re-open on 1st of June to ensure the remaining taxpayers get registered under this new tax regime.
Soon after the GST council decided the tax rates which have to apply to the goods and services, it is speculated that there is a danger of an imbalance between the different sectors of transport related to GST rates.
After the reduction of GST rates on marble stones and tiles, the prices of stones have declined and there is a rise in the sale of both marble stones and tiles.
The clause for anti-profiteering has emerged quite a while ago when the finance ministry first announced that any company found blocking the tax benefits to the consumers will be penalized and also various other severe measures will be taken against them.
The goods and services tax has entered its last phase after going through months of complex discussions and managing financial reforms. The 14th meeting held recently in Srinagar went way ahead and made tax rates fitment on nearly all the goods and services subsequently in the two days extension.
The provisions are never ending and now the government has directed that the small vendors listed on the e-commerce giants like Flipkart and amazon will have to pay a GST in advance under the goods and services tax scheme when they get their payments even if they fall into the exempted series.
