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Goods and Services Tax is the most important taxation reform in India since independence as it breaks the currently indirect tax regime and makes a single market for a dozen state levies. Every newspaper is making a headline about the GST at their front page.
Two weeks have elapsed of winter session of Parliament, but government has not found any solution of GST deadlock yet. Now, only eight days are left, therefore the Finance Mininster, Arun Jaitley has expressed a worry regarding the GST bill. The Tea Meeting of PM Modi with senior leaders of Congress has also failed.
The India’s biggest reform agenda, GST Bill is facing a lot of political challenges. Nowadays, a very much updates and news on GST are being seen in headlines of the newspaper. Today Minister of State for Finance, Mr Jayant Sinha told in the meeting that it seems to be challenging to implement the Goods and Services Tax on its deadline – April 1, 2016.
The finance ministry and empowered committee of state finance ministers have released a usual exempted items list including tea, coffee, biscuits and other medicines that have been exempted from excise duty.
The chief committee of government, CEA-led has given a suggestion to the Centre to set the Goods and Services Tax (GST) rate around 17-18 Percent. The committee also believes that this rate is suitable for every one and will help to boost the chances of common agreement on the vital reform. This rate meets all requirements of constitutional amendment bill, therefore there are many chances for the bill to be passed in current winter session.
GST Stands for Good and Services Tax that is a vital regime of India. It is the biggest indirect tax reform since independence. It would be levied when a consumer will buy a good and service.
President of the Indian National Congress party-Sonia Gandhi and ex-PM Mr. Manmohan visited the PM house on Friday evening as the current PM Modi invited them on tea to discuss about the GST Bill that is government’s most vital tax reform.
There are a lot of rumors regarding India’s biggest reform system GST. The Winter Session has been started from yesterday. The meeting of all-party held in the parliament on 26th November, 2015 to discuss on the GST panel. The Central government has claimed that 30 of 32 parties are favoring the new vital economic regime. Therefore, government is more confident about the passing of the Bill in this session of Parliament.
When the last date of IT filing arrives close, every taxpayer worries about how to calculate the taxable income and online e-filing of the income tax return. The income tax return has to be mandatorily e filed in case your income is above the basic slab rate. However, paper returns can be filed by those […]
