Powerd By SAG INFOTECH
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In a very weird situation of GST which will be implemented very soon and to be precise in 11 hours from now, there are various places in our daily life where the GST will take a complete turnover in a matter of a minute. This minute a person is paying and relieving a different tax scheme and from another minute the complete story changes, into a new one.
Well – renowned businessmen of Reliance Group Industries, Anil Ambani says that Goods and Service Tax Regime (GST) which is going to be rolled out from 1st July is not just another piece of reform or transfor but our economic freedom. New GST regime would make the country independent and democratic market in the history of mankind.
Goods and Service Tax (GST), the biggest tax reform since Independence is to be implemented from 1st July. It is a great initiative towards the partial taxation scheme and it is done with the help of each and every centre and state officials help.
Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, the supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.
Only a few days are left for the actual implementation of Goods and Service Tax Regime (GST) and will be launching on midnight of 30th June across the country. Some analysts are indicating for caution.
Walmart, a retail giant hailing from America and operating in India has released in its statement the upcoming GST regime will be blessing the retail chain with a bunch of profits and other benefits in the loop. The goods and service tax is about to roll out in few days with a nationwide impact over business units.
The central government has been trying every sort of relaxations for the trader’s community, whether offline or online. This time merchants and all those traders which are selling the goods and services through the online portal are now on the track to cover up their business while also staging themselves to be under the GST as soon as possible.
GST will be soon going to be implemented across the nation on the July 1st, while all the rules and regulations are decided by the GST council.
Recently, the government have made some relaxed rules and regulations for the home-buyers and has also asked the builders community to take care of the newly incorporated laws. But recently it was surfaced through sources that the builders are not doing what the government has asked them to do, in fact they are making an exact opposite action of it.
