Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Today, market scenario combination of goods and services are supplied together to attract more consumer. In service tax, this is called bundled service and under GST law it can be classified as Composite supply and Mixed supply is entirely new concept introduced under GST law
The GST Council is again to set its 17th meeting on Sunday to discuss all those long awaited topic namely anti-profiteering and the e-way bill which was opposed by many sectors in which the transport sector was the major one.
Telangana is now ready for the implementation of new GST Regime from 1st July from technology and preparedness perspective said Government official.
The GST is approaching at a very fast pace and there are only 20 or fewer days left to tackle the issues which the traders are facing currently. According to the provisions, a taxpaying entity must be registered under GST if the turnover crosses the threshold limit of 20 lakh but there are very shortfalls on this point.
According to three GST providers who spoke with an imminent media house on the basis of anonymous identity mentioned that the new rules, regulations, and revisions made by the Goods and Service Tax (GST) are influencing the new Information technology and cutting down the time available for software testing and security compliance.
Goods and Service Tax (GST) is a new indirect tax scheme which is a consumption based tax. It will replace all the indirect taxes. It is biggest tax reform that will bring India in competition with other countries in respect to the indirect taxation platform.
The rumours of GST implementation are viral on the media sources that the new GST regime will be delayed. The Centre government has clarified the doubts of delay in GST roll-out and said that GST will be implemented on proposed date i.e., from 1st July.
The anti-profiteering clause of new indirect taxation structure seems like ineffective with no powers. The government has not framed restrict rules or regulations under this, in fact, suo moto will do more research on the anti-profiteering provision of GST Regime.
In the new indirect taxation regime prices of necessary drugs or medicines will go up by 2.29 percent when the GST implements from next month. Basic essential medicines are categorized under the 12 percent GST rates in new taxation regime and the GST rates were declared by the government in the GST Council Meeting. Under the current taxation, structure medicines are taxable at the rate of 9 percent.
