Search results for: GST regime

Starting from 1st July, the Goods and services tax will be applicable and in return will demand a list of strict compliance. The government will be making a round of inspections and compliance rules to make sure no taxpayer evade the taxes along with proper follow up with the compliance.

Talking about the most intense and crucial tax system being applied within the Indian parameters of taxation would cert5ainelty require some aftermath even after the implementation and this will going to be soon.

As speculated, GST was meant to force the trading community to pay the taxes and not to evade it, while saving tax in a reformative way was quite essentially good but in the mean time, currency ban showed that government is not intending any pun over the issue of tax evasion activities and black money hoarding.

GST regime has been on its way towards the implication, and in this journey, the dream work of UPA government caught a seizure. Large Taxpayer Units are now in the black zone and will be closed down as soon as the new taxation regime comes into force.

Assam being the first state to take a step towards implementing GST as the registration process initiated which will be taking down the details of all the taxpayers and making them enlisted into the taxation list.

GST has been coming on its way towards the Indian national taxation scheme and would find its position well settled next financial year and the preparations are heavily under work.

There has been a lot of positive vibes coming from several agencies who have been researching over the Goods and Service tax implementation and its after-effects on the nation. In this direction, Rating firm Crisil has suggested that strong boost to India’s domestic consumption in 2016-17. The implementation of 7th pay commission, with reforms like the Goods and Services Tax (GST) to benefit the overall stream.

Taking a strategic step towards the GST roll-out, GST Network has been assigned to build the logistical and IT backbone for the upcoming indirect tax regime in India. The company allowed the taxpayers to avail the option of third-party interfaces.

Presently, the department has been assigned with three priority tasks such as submitting recommendations to frame the State GST Law and rules/regulations, training the appointed officials and building a back-end processing system. According to sources, the department is indulged into preparing suggestions for the enforcement of the new tax law. It will take two months of time to complete.