Powerd By SAG INFOTECH
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Goods and Service Tax popularly depicted as GST has so much to accomplish even in its starting stages, as the taxation regime has given various hints to the government and the nation that being a financial structure, it also demands to be taken into consideration from official papers to the lowest levels of road structure.
GST is a revolutionary step in the indirect taxing regime, the most awaited Goods and Services Tax bill got the assent of President on the 08th day of September 2016 and became the Act. GST will be a single window for all Indirect taxes as it will subsume majority of the indirect taxes. GST is the thing which will reshape the Indirect tax structure and impact of it will be seen on its stakeholders. It is expected that it will increase the GDP by 2%.
Goods and services tax has now started showing off some of its benefits in the sectors where it encountered hurdles before. In the same direction, GST would be giving a relaxation over the process of PAN India auction which has been recently introduced by Tea Board in June this year.
The passage of the long-pending in both houses is no less than a milestone for a country like India. The govt expects that the GST law will bring the economy on track and the new tax reform will assure hassle free taxation system. The 122nd constitution amendment bill received President Pranab Mukherjee’s nod on Sept. 8 this month. Following this, the govt is striving to conquer the deadline of April 1, 2017. Recently, the GST council was formed over the decision taken by the union cabinet headed by Prime minister Narendra Modi.
Flipkart, the e-commerce giant has been trying its hands over understanding the new tax reform and has started practicing way ahead of the actual GST roll out. The company has started following the GST guidlines and seems quite keen towards doing business with ease under the new tax reform. As this is a positive step taken by the e-commerce company, this will also give some helpful hint to other similar players in the market to start the practice in-order to prepare for the GST regime.
Infosys CEO Vishal Sikka explains GST rollout as a challenging task and acknowledged the preparedness as not up to the mark but it can be possible if the time is utilized wisely before the deadline April 2017.
Recently the Cabinet Ministry has given their approval for the establishment of GST Council, notification regarding the establishment of Council was issued on Saturday the 10th day September 2016 and the provisions came into force on Monday the 12th day of September 2016.
The GST regime is likely to witness the entry of the petroleum products, including crude. The step has been taken to put down the inflation pressure under control after a deep thought over the said consequences.
India is getting a worldwide recognition in the name of teamwork that the GST showed across all the political parties working together to make this tax reform a success. As of now, there is a smooth flow of processing and implications regarding the GST and its structural framework to ensure hassle free operation when it will finally get rolled out in the nation’s taxation web. The Union cabinet has also formed the GST council that will take care of the further proceeding over the GST.
