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The CBEC chairman is still figuring out the ways in which the GST will disrupt and change the taxation norms but one thing is pretty sure according to him that the taxes will increase a bit from the current rate. CBEC chairman Najib shah mentioned that That is our belief (that the current level of taxation will not lessen at least for first five years. It will be the same, that’s our belief, and it will increase a bit.
Goods and service are a major concern which will impel all most every administrative authority to indulge and assess the progress. The honorable prime minister of India also was present as the Budget session of Parliament resumed, Prime Minister Narendra Modi hoped there will be a leap forward on the Goods and Services Tax (GST) charge
Earlier, the farm activities were the safe and raised occupation of the nation among the farming community and recently, the GST which is approaching at an accelerating speed has given some thoughts and ideas to include the farm practice under GST.
The GST still on the way and the companies with bigger and better brand image and full-size manufacturing units are calling for lowered price tags by the vendors to comply with the newly incorporated Anti profiteering clause. The new provision is set to pass the benefits of lowered taxes to the consumers and not to the manufacturers.
The speculations are very high and recently it seems that keeping up the rhythm for the highly anticipated Goods and Services Tax (GST) against the scenery of the vital Uttar Pradesh Assembly elections, sources in the Finance Ministry said the bill will be introduced before the Cabinet on March 22.
Goods and service tax is ahead of everything other significant than the economy, and every sector is researching their own drawers and files to calculate how much impact this GST will make an impact on their own business. In the recent talks, it seems that banking institutions are in a problematic situation as the GST is setting the inter-branch operation into the GST ambit.
The Anti profiteering rules are stated by GST council to keep tax evasion and MRP rules under check. Goods and service tax is a wide tax scheme which has the target to engulf almost every taxpaying entity under its net.
The market is flourishing with the latest and updated share of software and tools to help and assist the taxpayer with return filing and registering on goods and service tax but now the concern is shifted towards the government’s initiative of making an offline tool for the taxpaying entities.
The GST council has finally given some relief to the e-commerce retailers in hope to reduce the compliance as well as saving the capital for the same. The giants like Amazon and Flipkart were the first among the queue which was raising the issues and concern on the Tax Collected at Source clause after it was presented at the council’s meeting. The new draft law has proposed that the TCS will now be deducted at 1 percent and will be no limit thereof. The cap has assured that the levy will not surpass this given rate of tax.
