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In a few more days to go, the most awaited goods and services tax (GST) will be discussed within the authority of GST council headed by the union finance minister Arun Jaitley and state finance minister along with the leaders of the Union Territory in Srinagar on 18-19 May to conclude upon the taxes of various goods and services and will fit them accordingly into the four tax slabs introduced previously.
M Vinod Kumar, Chief Commissioner of Central Excise stated that the Goods and Service Tax (GST Council) will decide on applicable tax rates for commodities on 18th May.
The nation is working day and night to implement goods and services tax and is making sure that every step must be smooth and hassle free. In between the opposition Congress questioned about the ease of doing business after the GST.
Voluntary registration is self registration by the dealers in order to get listed within the GST framework. It is applicable for those who are not within the parameters of registration and are not required to register in the GST. Upcoming GST will be requiring registrations to be strict and complied with the rules and regulations and has also declared that the business units having a turnover less than 20 lakh (10 lakh for NE states) can get away with the GST registrations.
According to the Satish Chander, Director General, Fertilizer Association of India (FOI), the DBT in short to medium-term will be a big challenge for the industry because under this the payment of subsidy is shifted to purchase by the farmers and they purchase only four months in a year.
Goods and services tax in India will be very much positive for the automobiles sector as the tax regime holds the efficiency to remove the cascading effects of the current tax scheme.
An unexpected revenue has been garnered by the global accounting firms in lieu of their consulting for all the business firms who are seeking their advice upon GST.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
The revenue department announced that the GSTN enrollment window which was closed on 30th April will be again started in a few weeks from now. The enrollment window will be helping the taxpayers in the process of enrolling into the Goods and services tax network (GSTN) portal. There are about 60 lakh taxpayers which were enrolled on the GSTN portal in the duration between 8 November 2016 and 30 April 2017.
