Powerd By SAG INFOTECH
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The GST is going to happen in a month time and few industries are way disappointed with the GST rate framed by the council. Few industries have come forward demanding concession in rates citing the mass use of their products. The are also seeking lower rates in comparison to other products in the segment.
The government has been trying to make every sort of channel to bridge the gap between the taxpayer and the government sources to cherish the upcoming GST in a healthy way. In this direction, the government has started a new Twitter handle for the general public to resolve any queries regarding the Goods and services tax.
The e-way bill which got much hype after its introduction may be delayed due to the draft bills and rules which are still under the discussion in GST council.
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.
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.
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.
After the implementation of Goods and Services Tax from 1st July 2018, it is expected that service tax increase by 3%. The expense ratio is the measurement of the cost carried by the investment company to operate its mutual fund. The expense ratio of Mutual Fund houses across the globe also goes up by 3%. The small Mutual Fund (MF) distributors whose annual earning of up to Rs20 lakh will beneficial with the implementation of GST.
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.
In a bid to roll out smooth and hassle free Goods and Services Tax from July 1st, the tax authority is on their toes to avoid any kind of mishap under the working of this ambitious tax scheme.
