Powerd By SAG INFOTECH
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GST has a wide impact on every possible sector and this time it has far reached towards the Housing industry which is claiming it for a high volume and low housing facility for everyone. The sourced information has been recovered from a white paper which is name Decoding GST and Real Estate Regulation by RICS, a self-regulatory professional body for qualifications and standards in land, property, construction and associated environment issues.
Finance Minister recalls the GST Network and has firmly said that banks are under process to link their systems to the GSTN for the upcoming regime
The old issue of assesses control has been replied by The Indian Revenue Service (Customs and Central Excise) officers’ association who has demanded the council to give the authority of assessing all the taxpayers under the turnover of lesser than 1.5 crores to the centre.
The government from both the polarities of center and states still can’t decide the dual controller of assesses which will be proposed under the GST impact. Finance minister Arun Jaitley said that The meeting has remained incomplete. Discussions will continue on November 25.
The GST is very near to the implementation and all the member’s government, enterprises, regulators and consumers will join the league making the motto of one country one market structure come alive.
A huge crunch has been employed over the black money issue on this November 8 by the prime minister and has also given a sign to the people who are digging holes for their black money that no way will be provided them to save their evil income. While the demonetization was announced on air, people were rushing through the lanes of gold market for exchanging their cash for some gold.
One of the boldest movement taken by Government of India in the history of Indian economy to ban high value currency notes of Rs.1000 and Rs.500 with effect from November 8, 2016 midnight. This scheme has received mixed reaction till now as some of the sections are telling that it can cause hardship for common people while some sections reacted to this decision with overwhelming support. This scheme is going to impact the businesses, common people, and financial institutions along with multi-diverse industrial background of India.
In GST model Law separate provisions have been prescribed to determine the time of supply of goods and services. Liability for GST will arise only at time earliest of occurrence of events of supply, which will be determined as under-
As speculated, GST was meant to force the trading community to pay the taxes and not to evade it, while saving tax in a reformative way was quite essentially good but in the mean time, currency ban showed that government is not intending any pun over the issue of tax evasion activities and black money hoarding.
