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The upcoming GST scheme will be affecting a lot of financial services and this is due to new revised rate of 18 percent from the previous 15 percent being levied by the GST Council in its recent 14th meeting in the Srinagar. Although the differences are said to be marginally still there are various sectors, like banking, investments, insurance, real estate and mutual funds which are to be affected by the turmoil of GST.
GST Council has announced Goods and Service Tax (GST) rate, but it also requires some modifications in the upcoming days. Several industries and businesses which include FMCG, Automobiles and traders had been requesting to the Central Government for revising taxation rates. The next meeting of the GST Council will be scheduled on 3rd June 2017.
India is making full efforts on implementing indirect taxation structure system. It is similar to State Good and Service Tax (SGST). Tax-free zones are some specific areas in which business enterprises are exempted from paying sales state tax and will be eligible to claim the refund under new GST Regime.
The GST is in the queue for the implementation and every corner of the financial corridors are now talking about its registrations which will be going to re-open on 1st of June to ensure the remaining taxpayers get registered under this new tax regime.
GST specialist is a new term in the financial sector of India and has been under recruitment demands as the Goods and Service Tax is approaching towards the nation. The recruitment firms are searching financial experts and specialists in the taxation and financial field to cope with the industries accounting needs.
The clause for anti-profiteering has emerged quite a while ago when the finance ministry first announced that any company found blocking the tax benefits to the consumers will be penalized and also various other severe measures will be taken against them.
Telecom industry falls under the category of 18 percent slab rate under Goods and Service Tax (GST) and it disappoints the industry very badly.
The goods and service tax is a globally acceptable tax implication and has played a vital role in strengthening various countries economic position and credibility. Also, marked as a most dynamic and reformative taxation scheme, the Goods and services tax is approaching at a very fast pace in India.
Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises.
