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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.
Korean, Automobile Manufacturer Hyundai reported that the company is expecting the growth in Indian Automobile Industry due to the implementation of the new indirect tax regime. Under the previous taxation structure, tax was imposed 8 percent which is nearly double 15 per cent as compared to the new indirect tax regime.
Inspired by the launch of Reliance Jio Phone, many Indian telecom operators like Airtel, Vodafone India and others may also soon come up with their own 4G bundled phone offers.
Goods and service tax is applicable across the nation with simplified rules and regulations. But in case, if you are still in doubts and are not sure about the generation of bills in a restaurant, you must be prepared to understand the changes included in the bill provided by the restaurants.
According to the new notification issued by the government, now, retailers and manufacturers can sell their old inventory as per the new GST prices till September. But several industries, companies, and businesses are upset with this announcement as to why the government has not issued this notification earlier.
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.
The new compliance and rules of Goods and Service Tax (GST) regime will be restricting small vendors and restaurants from the selling online due to issues of TCS.
As expected Goods and Services Tax (GST) Act, 2017 has changed the Indian tax system fundamentally and is the biggest tax reform since Independence.
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.
