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Several business segments and industries are worrying about the new Goods and Service Tax (GST) Regime in India, as less than three weeks are left now for implementing GST. Most of the industries are not prepared for the new GST Regime but still, there is a confusion on what taxation rates will be levied on automobile industry either it is 28 percent or 30 percent.

About three weeks left for the implementation of GST Regime in India and still the insurance industry is working effortlessly. The industry will not only require modifying their back-end systems but they will also require registering their offices across all the states in India.

The problem with banking forum is getting worse by each day and each decision which is coming under its way. Earlier it was speculated that banking community will be getting a huge sum of extra load due to the GST and will have to process this financial reform through its own means.

The government is pressurizing to all the Members of Parliament and State legislatures to start spreading knowledge & awareness of Goods and Service Tax (GST) Regime across the country. Union Finance Minister Arun Jaitley has requested to all political parties to clearly understand the concept of new indirect taxation regime and also provide help or support to people, industries, businessmen whenever it is required. In a letter, Jaitley presents his views in the front of several political parties and said that he want their cooperation for the implementation of new GST Regime in India, which is going to implement from 1st July.

A very significant time period has arrived as the GST is approaching at a fast pace towards the Indian taxation system. In this maintenance, the GST Council finally took a reformative step towards the redressal of various industry bodies by setting up a total 18 sectoral groups aimed to listen and resolve any particular issue stuck towards the GST roll out.

The Union Finance Minister Arun Jaitley on Saturday has finalized the GST (Goods and Services Rates) for frequently used items, which includes footwear, gold, biscuits, textiles and apparels. Apparently, it was seen that these common items are kept in strange rates as the usage makes them special and the rates covered upon them might take a hit.