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GST and VAT are both counter approach taxation system by the government to held valuation of goods and services across the nation. Talking about the older tax system, i.e. value added tax it was the earlier method of applying taxes on the general public while the goods and services tax is held to change this course of action towards the consumers.
BJP MP Subramanian Swamy said that it is quite impossible to implement the GST completely and value its functionality in a proper manner unless the private companies get replaced with the state-owned companies in the GST network. This will work as a backbone to the new indirect tax regime.
CGST Act Click to more about CGST Act IGST Act Click to more about IGST Act UTGST Act Click to more about UTGST Act GST (Compensation to the States) Act Click to more about GST (Compensation to the States) Act
Revenue Secretary Hasmukh Adhia said on Thursday that the small businesses or traders with annual turnover of up to Rs 20-25 lakh will be exempted from Goods and Services Tax (GST), and the Centre and the states will agree on the same shortly.
As per the CRISIL’s report(October 2015), the insurance industry of India consists of around 52 insurance companies of which 24 are life insurance and 24 are engaged in non-life insurance companies. India’s Life insurance sector recorded a new premium income of Rs. 1.38 trillion for the period April 2015 to March 2016 indicating a growth rate of 22.5 percent.
As of now, 15 of the total states have taken the decision of supporting the much talked about GST bill. Now the turn is for major states and all the eyes are on to them. After the GST bill received approval from the monsoon session on August 8 in Parliament, now 14 states are left to ratify the bill and a GST council will be established thereafter. There are some states that are yet to take up the GST in their legislative assembly and some haven’t shown a sign of support.
Industry demanded 18 per cent GST rate as it finds that the April 2017 deadline is hard and will likely generate tax buoyancy without controlling inflation. Industry also demanded relaxation in the penal provisions. According to the sources, the Industry when holding meeting with the state finance ministers said that it is hard to meet the deadline in 2017 as they need sufficient time to develop the IT infrastructure.
The nation has seen the clearing of GST Bill with much more anticipation and the government was also seen in all support with this new tax regime. After all, the GST has something very special to provide for the citizen of India. The said bill is said to subsume all the current indirect tax prevailing in the country.
