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As the Modi government initiated its greatest war on black cash yet, chief economic advisor Arvind Subramanian pitched for land and real estate under the GST administration to check tax evasions and black money avoidance.
A big time relaxation just showered from the top ministry as it conveyed the news that, GST would not be gulping down the most basic requirement food into its basket. Food processing industry is probably not going to have any unfriendly effect as far as tax assessment under the proposed GST administration as the area will keep on being saddled with existing rates, a top Food Processing Ministry official said today.
GST is one indirect tax for the whole nation which makes India one unified common market. GST is a single tax on the supply of goods and services, credit of input tax paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
The Finance ministry toned their voice higher over the execution of the Goods and services tax (GST) from April 1, 2017, even as the Center and states are yet to achieve an understanding of the thorny issue of managerial turf over assessees and just two days are left for the winter session of Parliament to be over.
The Indian Medical Association (IMA), which has 2.7 lakh specialists under its overlay, has asked the administration to excluded social insurance administrations and healthcare services offered by private healing facilities and hospitals from the Goods and Services Tax (GST).
The government from the southern part has been looking into the matter of lottery and prize money situation which will attract into the GST act as one can understand that under the Goods and Services Tax (GST) organization, Kerala faces the danger of its yearly income worth around Rs.4,000 crore from lottery bargains. Finance Minister T. M. Thomas Isaac said that lotteries would go under the GST and once it’s in reality, Kerala will be constrained to allow the operation of lotteries from various States, including Bhutan and Sikkim, which are not in action.
GST is not an overnight thought in India and it takes patience to introduce any new tax reform as consequently, it affects the economy and the India Inc needed to prepare for it before hand. GST is the first tax reform after the independence. We have waited for two decades to introduce GST in India.
As FM Arun Jaitley on Sunday said that the last conceivable day to pass GST is September 16, many are examining of what might happen in a worst outcome imaginable, if the government somehow managed to miss even this due date? Well, the administration is required to execute the Goods and Services Tax (GST) by September 16, or there would be no duty law through and through after that since the legitimacy of the as of late passed GST charge slips by then, brings up by specialists.
While organizations have delegated advisors to prompt them on GST, not a lot has moved past that particularly with little and medium enterprises. Substantial organizations, in any case, say they can meet the April 1 due date. Discussions with various tax experts uncover that not more than 40-50 for every penny of extensive organizations are prepared for a GST rollout on April 1.
