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The Goods and Services Tax (GST) has been launched in India, and it has, as expected, affected almost every major and minor business industry in the country.
CBEC newly appointed chief Vanaja Sarna has been doing all round of activities to create an active movement within the department and has poked the field officers to be ready for the upcoming taxation regime with all the potential and responsibility. This also includes campaigning and creating awareness among the trading community and the industries as well. This awareness will be garnered by the short window which will be available before the July 1 rollout.
The CAG (Comptroller and Auditor General) auditors are done with all the rigorous training in the wake of upcoming goods and services tax in India which will be implemented as scheduled on July 1, 2017. But one thing which has confused the auditors the most is that how these professionals will get the access to the GST data for auditing and also where will be the exact department to handle after the GST.
Finally, the draft bills of GST presented in the Rajya Sabha for the discussion as speculated by the GST council and government authorities to wind up the GST procedure as soon as possible. Earlier the Lok Sabha has cleared four significant bills of GST which were relevant to Central GST, Integrated GST, UT GST and GST Compensation bill.
The automobile has already got a set back after the ban of BS 3 vehicles recently in which the industry had to wrap off all its old stock at a drop down prices. In the next step by the government and GST council as both, the duo has proposed that the fuel price can be increased along with the increase in tax implication on second-hand vehicles.
The fuel prices across the state of Madhya Pradesh is considered to be the highest in the country. The reason behind the peak price of fuels is local taxes being levied by the state government. But now the conditions can be straightaway for the residents of MP as the GST has given the clue to make prices of fuel neutral.
The finance ministry is taking the GST matter to the general public for the suggestion and advice row as the ministry have put a set of 8 rules in the public domain, which will be applied to the roll out of goods and service tax in India starting July 1. The government is also seeking comments from the industries in concern on the newly included 4 set of laws i.e. GST Composition, GST Valuation, GST Transition and GST ITC. The rules got passed with some approximation at the meeting of GST council on previously gone March 31.
The upcoming GST bill has got into the final transition to get the parliaments accent over all the legislation and the country will be having a great time to implement the new tax regime with seamless benefits. The official sources described that the finance ministry will be briefing the ruling party and all its MPs on the details on goods and service tax.
The government has been trying to impose the Goods and service tax in the said timeline of July 1, but the opposition has been creating all sorts of extension and to take the GST bills towards completion and worthwhile to take the support from their network
