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The Goods and Services Tax constitutional amendment having been declared by the Govt of India, the rollout of the GST Bill will be an aggregate exertion of the Central and State Governments, the citizens and the IT platform supplier i.e. GSTN, CBEC, and State Tax Departments.
Haryana government has now taken up the initiative to increase an overall business activity in the state by which considering they have launched an Investment Subsidy on VAT/ State GST plan for all the projects termed ultra-mega projects, mega projects, large units, Micro, Small and Medium and sectors (MSME).
Goods and service tax is an ever extending part of the government’s initiative to fully implement the direct tax regime into the structure. While many parties are still confused and doubtful, but the BJP MP Subramanian Swamy has now come up with a staggering revelation about the recent loan offering to the Goods and service tax network by the IDFC of INR 550 crore.
Goods and service tax has taken a toll over each and every position and state and this time the Associated Chamber of Commerce and Industries-Kashmir (CCIK) has been saying some worthy words over the issue. The association has seen some mismanagement over the implementation of this significant tax regime in the state.
Goods and service tax network have been very significant in making the new tax regime play safe and handy through every business entity as it will be front fascia of GST from the window of the online platform. Now the government is considering its safety in terms of cyber security.
The government has all the strategies to cope up the delay caused by many factors in the implementation of GST. This time the administration has come up with an idea to increase the service tax just in the case of late implementation of goods and service tax which is also likely to cross the assumed date of April 1.
The GST enrollment process for the existing taxpayers registered under VAT has commenced for migrating into the GST portal. Now, the GST enrollment for service tax assesse will start from 9th January 2017, and it will be completed by 31st January 2017. Reportedly, the number of assesses registered under service tax law is more than 1 million, and these assesses will have to enroll themselves by the end of the month.
The Goods and service tax has an overall importance in the economic corridors, as such compatibility with the reformation and implementation is required at the most will. The delay is inevitable in this case as the reform is much bigger than assumed but the impact will certainly cause positive vibes throughout the nation.
The goods and services tax (GST) network has extended the date of enrollment for taxpayers under GST until the end of this current month after a lukewarm reaction from taxpayers in many states as the current data reveals that only 50 percent enrollment has been done in some states so far. All brokers will require a GST ID number—a 15-digit number in view of their earning tax permanent account number (PAN)— to work under GST, which is relied upon to produce results from June or July 2017.
