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Goods and Services Tax (GST), biggest tax reform since Independence has been finally implemented across the country from 1st July. On one hand, Government has exempted education sector till higher secondary in the new regime while on another hand coaching classes, certification courses, training programs have been placed in the slab rate of 18 percent.
The goods and services tax has been into the economic structure of the nation from the last two weeks and now it’s time to review everything for a better control in upcoming prospects. The GST Council will be meeting today to have an overview of the goods and services and all the work done by the tax scheme.
Ever since the goods and services tax was applied throughout the market, it was open for the first time after it on Monday. But still, the traders were in the confusion related to the GST.
In a very weird situation of GST which will be implemented very soon and to be precise in 11 hours from now, there are various places in our daily life where the GST will take a complete turnover in a matter of a minute. This minute a person is paying and relieving a different tax scheme and from another minute the complete story changes, into a new one.
On Tuesday, The Central Board of Excise and Customs (CBEC) has taken one further step and create anti- profiteering body in new GST Regime. As per the Anti- Profiteering Rules declared on Tuesday if any business firm fails to pass the benefits of lower tax rates to consumers must have to face penalties and cancellation of licence in new GST Regime.
Good and Service Tax (GST) is one of the biggest tax reforms since Independence and is going to implement from 1st July. Traders and businessmen across Gujarat, including Surat, Ahmedabad, Morbi, and other industrial hubs are expressing opposition to the new taxation regime.
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.
GST (Goods and Service Tax) is one of the biggest tax reforms since Independence in India and it is going to roll- out from 1st July. Several businesses and industries are not readily prepared for the new indirect taxation regime.
According to the previous provisions, a works contract is a combination of transfer of goods and services. While under GST regime, the service tax is applicable for work contract only on service part.
