Powerd By SAG INFOTECH
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The GST is ready to mark its footprint in India and there are several reason and questions regarding the implementation of the indirect tax regime. The CBEC officials recently raised concerns about the job losses due to the change of the nature of the job.
Comptroller and Auditor General of India (CAG) has started its practice towards raising powers in their respective fields. While the department has always enjoyed the auditing of likewise all the information of taxation base of revenue generated in the consolidated funds of India, this time the eyes are raised for the inclusion of this power into the upcoming GST draft law to continue their prowess.
The finance minister Arun Jaitley shall reveal the timeline for the much-anticipated tax reform— GST—in the upcoming Budget 2017-18, which would be carried out on February 1 2017. The Part B of the Budget speech, which contains tax proposals, could bring half-yearly estimates of service, central excise duty and collections from other indirect taxes (excluding customs). India is keen to implement GST on or before September 15, 2017.
Maharashtra has not taken the decision of acquiring of revenue rights of territorial waters easily as the meeting after the decision announced has sent a straightforward indication to all the apex authorities to go down into this matter.
GST Impact on Indian Aviation Sector
The Goods and Service tax have a long way to go as the hurdles are getting in between for quite some time. The dual control issue is still on the hooks for the union authorities as well as GST council can not decide the ultimate fate of this dual control matter.
An announced for all the 2.1 lakh dealers in the State and about 28,000 in the capital city of Visakhapatnam, made by the central government to register dealers under the Goods and Services Tax Act (GST), by January 15, 2017.
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.
A top authority mentioned that the GST Council might choose to diminish the assessment slabs under the Goods and Services Tax administration in the wake of investigating the income accumulated and the remuneration payouts to states. With industry requesting for bringing down of proposed GST rates of 5 , 12 , 18 and 28 percent post the demonetization, CBEC Chairman Najib Shah said the Centre and the states at present gather Rs 8 lakh crore from indirect charges, fewer custom duties, and a similar level of income must be gathered in the GST administration.
