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State Government have to deal with two major issues- First one businesses have to stabilize their operations after the implementation of the new indirect tax regime and the second one to introduce 7th Pay Commission for state employees.
The government will be sourcing revenue from all around the corners in order to make a multi diverse revenue collection structure. This time new rules are pointing that any revenue or earning exceeding INR 20 lakh annually threshold accounting from renting and commercial leasing purpose will be attracting the GST from now onwards.
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.
In the views of Ajit Ranade, the Chief Economist of Aditya Birla Group, GST must ideally have only two slab rates instead of multiple tax rates.
Few days before the launching of GST Regime the government on Wednesday disclosed that the taxpayers are required to submit only one return in a month similar to the taxpayers do earlier.
Finance Minister Arun Jaitley said on Tuesday, small business industries have been provided sufficient time to get ready for the new GST Regime from 1st July.
Goods and Service Tax (GST) is a new indirect tax scheme which is a consumption based tax. It will replace all the indirect taxes. It is biggest tax reform that will bring India in competition with other countries in respect to the indirect taxation platform.
One common unified tax will be applicable after the introduction of GST. GST Regime will replace octroi duty and nearly 1,300 employees of the Brihnamumbai Municipal Corporation (BMC) will be fired from the job. People who are working in the Octroi Department which include five check posts at Mumbai’s entry-exit points will be jobless.
