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According to the previous provisions, a works contract is a combination of transfer of goods and services. While under GST regime, the service tax is applicable for work contract only on service part.
The union finance minister in its latest talks cleared the air regarding the implementation schedule of upcoming goods and services tax in India. In an interview, the minister said that the GST is a very simplified tax scheme and there is no reason to postpone it further than the pre-decided date of 1st July 2017.
The Maharashtra Navnirman Sena (MNS) has requested to the Central Government that sanitary napkins should be exempted under GST Regime. MNS leader Shalini Thackeray has met with the finance minister Arun Jaitley to discuss this issue. The Government has announced 12-per cent tax rate on sanitary napkins under the new indirect taxation structure, which is going to be rolled out from 1st July.
As everyone is well aware of the complex GST framework and its upcoming requirements for the settlement among the Indian economic environment, it’s now the banking sector who have raised the hands in front of extremely rigid and tedious GST regime. The Indian Banks’ Association (IBA) which is a governing body of management of banks operational across the nation has cleared out that numerous banks are not fully ready for the upcoming GST scheme.
Apart from the regular tax slab, the GST council has decided 3 percent GST on gold. It is a positive move towards the jewelry association and their growth as the sector was demanding lower tax rates earlier.
Every business entity which is getting registered under Goods & Services Tax will be provided a unique identification number known as GSTIN or GST Identification Number. Presently, every dealer which is registered under the state VAT law occupies a personal TIN number which is assigned to him by the state tax department. Just like that, the service tax registration number is assigned to a specific service provider by the Central Board of Excise and Customs (CBEC).
On 6th June 2017, the Prime Minister Narendra Modi will take a look on the preparedness of the Goods and Service Tax (GST), which is scheduled to roll out from 1st July. The Prime Minister of India has been continuously in touch with the GST council and has been taking reviews of upcoming tax scheme in order to make sure that the reformed tax regime runs hassle free after the implementation.
As of now all the excitement which was seen previously in the global research agencies along with the industries associated is now cooled down to some extent due to the complexities involved in the procedure and another operational working of the GST.
For the expansion in GST awareness programs the Finance Minister Manish Sisodia of Delhi Government, had planned to do a Facebook live event before the GST Council meeting in order to solve queries and generate public interest in the topic. But it seems that the technological department i.e. Directorate of Information and Publicity (DIP) gave up on this plan and said that they are not capable of providing such kind of services in the current.
