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Goods and Service Tax Network has finally set up the registration portal for the taxpayers who can register with the network and can submit all the necessary details, making a flawless network by which they can avail tax payment, returns and refund service under the GST regime.
Chief Economic Advisor Arvind Subramanian is backing up the lower GST rate and still believes that the lower rate would be sufficient for Indian economic context. While having an interview with the imminent news provider Economic Times, the financial official expressed his views on various issues regarding the biggest taxation reform.
The EPCH (Export Promotion Council for Handicrafts) showed its concern regarding the upcoming taxation regime and conducted a meeting with their association’s officials and exporters fraternity to discuss the meaningful factors implied after GST roll out.
GST would be giving much more emphasize on the 8 percent growth of India as speculated by S&P Global. The report said that India GST passage gives us additional conviction around our 8%-ish GDP growth forecast over the next few years.
GST Department has introduced numerous types of GST return and GST registration forms. In order to clear any kind of misconception or confusion regarding GST return and registration form. We have enlisted in various procedures to get the required forms applicable to individual dealers. We have provided a small flow chart depicting the methods and directions to be used for the fulfillment of the GST compliances:
The government has a big challenge ahead as the much awaited GST regime has an urgent demand of taxation rate on which it will run the taxation network in the nation. In this hustle of preparing a broad taxation scheme the government has to make an estimation of its annual statement of accounts and not the exact corresponding figures.
The consumer products manufacturing companies have started preparing their business model before the implementation of the GST. These companies have started remodeling the structure of their warehousing systems, IT infrastructure and supply chains ahead of the goods and services tax roll-out.
GST Helpline is a user-friendly mobile application, designed and developed by SAG Infotech PVT LTD. The mobile app has been developed keeping in mind the foundation of Goods and services tax in India. The GST law India is likely to be implemented after April 2017. Several government agencies and sectors are engaging themselves in the preparation of the GST regime. This indirect tax reform shall change the transaction of different taxes between states and central government of India.
GST has been coming on its way towards the Indian national taxation scheme and would find its position well settled next financial year and the preparations are heavily under work.
