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Goods and services tax recently surfaced in the Indian economy and has affected a lot of sectors. Here we can see a detailed picture of what GST have done to the steel industry in India.
GST has rolled out on 1st July 2017, now the impacts are explicit on medicine prices. Currently, applicable GST rates on medicines are put in four categories: GST at 0%, 5%, 12% and 18%.
The GST TRAN 1 form is transition form for the already registered taxpayers in old schemes who are filing the GST TRAN -1 form for availing their previous input tax credit accumulated from earlier purchased stock before the implementation of the GST.
GST is about to launch in few hours and the nation is just waiting for this biggest transition wholeheartedly. The GST grand event is scheduled to be in the central hall of parliament where the imminent personalities of politics, as well as Bollywood, will get together to see the transition in personnel.
A blazing event in the historically important Central Hall of Parliament will be filled up with all those big names in politics and power today midnight on the eve of launching the India’s biggest tax reform i.e. Goods and services tax with a bell to sound a great initiative for a prosperous economy.
Indian Venture capitalist and other private equity firms which are the main responsible entities who boosts and pushes numerous private budding firms and startups towards a better financial position are now afraid of the upcoming goods and services tax heading this July 1st. The reason being is the new GST tax law which will give the authority to the tax officials to claim the taxes dues of their concerned investor companies with full interest and penalties from the designated directors.
A senior official said that the Goods and services tax will benefit the warehousing sector with ongoing taxation issues in logistics and transportation expected to be sorted out.
The Goods and Services Tax constitutional amendment having been declared by the Govt of India, the rollout of the GST Bill will be an aggregate exertion of the Central and State Governments, the citizens and the IT platform supplier i.e. GSTN, CBEC, and State Tax Departments.
Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute a major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also.
