Search results for: GST regime

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.

Airlines Industry has been considered a fast growing sector within its parameters and has been a very promising area of adding value to the countries growth and the standard of its people. But the overall burden of the country seeks remuneration from all of its contributors and Airlines also in the queue.

GST Taxation scheme will stir some of the names under its implication, such as Apex indirect tax body CBEC will be named as the Central Board of Indirect Tax (CBIT) as soon as the GST strikes on 1st April next year. Governed by the secretary-level officer, exemptions, and threshold which are implied by CBIT now will be set accordingly by GST council being chaired by Union Finance Minister and has state finance ministers as its members.

Solar power is still a budding sector in the nation with seamless benefits and low-cost operation. After the coming of GST in purview, the industry has applied a plea to the Finance and Commerce Ministry as one should know that the heavy costing by the implication of GST scheme will take the effect long.