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Well – renowned businessmen of Reliance Group Industries, Anil Ambani says that Goods and Service Tax Regime (GST) which is going to be rolled out from 1st July is not just another piece of reform or transfor but our economic freedom. New GST regime would make the country independent and democratic market in the history of mankind.
Congress President Sonia Gandhi interacts with former Prime Minister Manmohan Singh today for the discussion whether that Congress party will attend the event of midnight 30th June or not. And on this issue, Partys senior spokesperson Satyavrat Chaturvedi said, the Congress will not attend the special GST meeting on its implementation.
Goods and Service Tax (GST), the biggest tax reform since Independence is to be implemented from 1st July. It is a great initiative towards the partial taxation scheme and it is done with the help of each and every centre and state officials help.
The government has tried all sorts of implementation and improvement strategies with the goods and services tax and now the government along with the finance ministry installed a mini War-room within the premises of finance ministry department.
The United States President Donald Trump appreciates the Modi government for taking the bold step of launching Goods and Service Tax (GST) Regime in India from 1st July. And stated that it will also create “great new opportunities” for the country.
On Tuesday, Jammu Chamber of Commerce and Industries (JCCI) said, without the implementation of GST Regime operating the business in Jammu & Kashmir will not be possible. The political parties will be liable for two major points i.e., increase in prices of daily consumptions items due to the double taxation and shortfall of necessary items.
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.
Only a few days are left for the actual implementation of Goods and Service Tax Regime (GST) and will be launching on midnight of 30th June across the country. Some analysts are indicating for caution.
Walmart, a retail giant hailing from America and operating in India has released in its statement the upcoming GST regime will be blessing the retail chain with a bunch of profits and other benefits in the loop. The goods and service tax is about to roll out in few days with a nationwide impact over business units.
