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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.
The GST regime has a clause to be ascertained as the assumptions are stacking at the need of GST secretariat would be the next demand by every state after the implementation of the upcoming taxation reform. This need has been raised to cope up with day to day issues resolving the GST procedures.
Reserve Bank of India, a high commission emblem in Banking fraternity is very much sure that the GST pre-decided rate will be coming to a good position while sticking to 18 percent which will be no harm to the CPI inflation charts too.
Ajay Kanwal, CEO Asean and South Asia at Standard Chartered Bank, visited India as part of the Singapore business forum along with Singapore Prime Minister Lee Hsien Loong, was seated along with media personnel and shared some positive notes about the upcoming taxation reform GST in India along with future planning of the bank in the country.
The commercial Tax department has been enraged by the upcoming GST regime and its shortfalls over the Union government and demands the government attention on the issues related to GST. The protest like scenario was created in Vizianagaram and Srikakulam on Monday.
The disagreement emerged between the states and Centre regarding the Centre’s administrative control of service tax assessees, which was earlier accepted in the first meeting. The council didn’t accept the points noted down on the first meeting which was held on 23rd September.
GST application is proving tons of work and pressure on the government which has to roll out the reformative taxation regime on a pre-decided timeline of 1 April 2017. In the direction of preparation, the revenue department has to scoop up the training session to a steep level as there is a giant target of 60,000 official to be trained in a meager amount of time.
It has been about 2 months since GST was implemented in the country. The main aim of implementation of new tax regime is one nation, one tax, one market.
