Search results for: gst

In a bid to roll out smooth and hassle free Goods and Services Tax from July 1st, the tax authority is on their toes to avoid any kind of mishap under the working of this ambitious tax scheme.

Soon after the GST council decided the tax rates which have to apply to the goods and services, it is speculated that there is a danger of an imbalance between the different sectors of transport related to GST rates.

Goods and services tax will be developing some tough situations for the business units to survive with the hectic compliance issues. As it is speculated that small and weak credit profile companies will be having more difficult issues.

After the reduction of GST rates on marble stones and tiles, the prices of stones have declined and there is a rise in the sale of both marble stones and tiles.

The clause for anti-profiteering has emerged quite a while ago when the finance ministry first announced that any company found blocking the tax benefits to the consumers will be penalized and also various other severe measures will be taken against them.

The goods and services tax has entered its last phase after going through months of complex discussions and managing financial reforms. The 14th meeting held recently in Srinagar went way ahead and made tax rates fitment on nearly all the goods and services subsequently in the two days extension.

The provisions are never ending and now the government has directed that the small vendors listed on the e-commerce giants like Flipkart and amazon will have to pay a GST in advance under the goods and services tax scheme when they get their payments even if they fall into the exempted series.

Industry chamber Assocham mentioned that the progress in the implementation of a tax system across the country through the Goods and Services Tax (GST) will be the biggest achievement of the Modi Government. According to Assocham, the other achievements that the NDA government has achieved during the three-year tenure included in the economic area assimilating public inclusion on a financial scale, digitisation and infrastructures like railway and power distribution.

Goods and Services Tax (GST) can bring huge discounts before its introduction impelling the mobile manufacturers and retailers to remove their old stock from July 1. With the introduction of GST, the price of mobile handsets can be increased due to tax factors. It is speculated that some handset brands can offer discounts on both online and offline basis along with retailers who would cut some of the prices.