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India is getting a worldwide recognition in the name of teamwork that the GST showed across all the political parties working together to make this tax reform a success. As of now, there is a smooth flow of processing and implications regarding the GST and its structural framework to ensure hassle free operation when it will finally get rolled out in the nation’s taxation web. The Union cabinet has also formed the GST council that will take care of the further proceeding over the GST.
Goods and Services Tax will be much more soothing to the nation as it will attract more and more Foreign Direct Investment inside the country. It will also increase the tax compliance which will increase the transparency, therefore creating a trustworthy relation between the business corporates and the government.
The implementation of GST in the country creates a menace in the cement industry. GST council decided on a heavy tax rate on the cement industry of 28 per cent which seems to overburden the sector with already prevailing tax entities and developing areas in the urbanization. Prominent cement manufacturers, such as Ultratech, JK Cement, […]
With the formation of the GST council on Monday, we are witnessing how the Government is working keenly towards achieving the deadline of GST which is April 1, 2016. Meanwhile, India Inc believes that the proposed deadline is insufficient and seeks more time for the implementation of GST across the country. The Govt. already cleared another milestone by forming the GST council and the Union cabinet led by Prime Minister Narendra Modi decided that the GST council office will be based out in Delhi.
GST, a new era of indirect taxation law is all set to transform the current indirect taxation system which may propose to become applicable with effect from 1st April 2017. GST system is targeted to be simplified, transparent and efficient.
In the Cabinet meeting held today, the Union cabinet approved the creation of the GST Council, which will take decisions regarding the fixation of the rate of tax under the GST regime, which will be effective from April 1, 2017.
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.
The Union Cabinet will be holding a meeting on Monday to take the next step required in the implementation of the GST Act in India. The cabinet will decide about the GST council which is an important part of the GST regime. The council will set the GST rates for the different sectors functioning in the country. Over 17 states have already ratified the bill along with President’s nod, the bill is one of the top priorities of the govt.
With the approval of President Pranab Mukherjee on the GST Bill, the Bill has already become an Act in India. It is likely to follow the Government deadline of April 1, 2017. Meanwhile, the govt will utilize the time to form a special GST council to set the GST rates for the different sectors of the Indian economy.
