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World-renowned commodities trading expert and hedge fund manager Jim Rogers comes up to share the fact that he has been very much impressed with the performance and radical change that India has sustained during the stiff competitive times in the global market. The motto behind the basic entrance of rogers in India is the country’s growth and how it is responding to new ventures in every upcoming situation.
Goods and service tax is a widely popular taxation scheme all around the globe starting from France, as the country was the first in introducing a detailed and modeled GST scheme.
The government has taken the seriousness of GST migration into its hands and clearly stated that if a business entity fails to migrate into the GST framework before the deadline i.e. 30 April, then the consequences may be strictly harsh and the business unit will also have to face legal proceedings in which the government has sought to impose heavy penalty along with other cancellations of significant papers associated with the business.
The former finance minister P Chidambaram has finally shared some views regarding the implementation date of Goods and service tax in India, as he said that October 1 will be the suitable date for the implementation of the new tax regime as the minister called it as a realistic deadline as of now due to the various factors prevailing in the market.
Former President of the Confederation of Indian Industry and Veteran industrialist Adi B Godrej has whipped hard on the extension suggestion of goods and service tax in India being pulled out by various industries and individuals by directly tagging them as the tax evaders. The noted industrialist has given his concerns over the postponement of the GST as a ridiculous suggestion by the minded people of the market.
As the GST is approaching at a very fast pace towards India, many companies which are getting affected by this new taxation regime negative from their point of view are gearing up rate changes throughout their product lineup in order to cope up with the marginal profits which are set to drop once after the goods and service tax in India establishes.
In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
This time with the upcoming goods and services tax regime in India, a new vigilant and supporting task has been tucked with the tax authorities in order to grow the tax paying data to a further more bit by the help of peer pressure in general.
As the goods and services tax is approaching towards the nation’s economic heart, many economists and tax experts are believing that the transactional data would soar high after the implementation of goods and service tax in India and will demand the business units to comply with the newly embedded tax regime very attentively and also rigorously.
