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As expected Goods and Services Tax (GST) Act, 2017 has changed the Indian tax system fundamentally and is the biggest tax reform since Independence.
One of the complex taxation structure Goods and Service Tax (GST) Regime will come into force from 1st July. Due to some complexities or problems in the new regime, the government itself is not confident enough how things will work out.
The government of India (GOI) has now made Aadhar Card mandatory to open any bank account. As per the recent orders given by the Central Government, every individual will have to show his/her Aadhar Card number to open any new bank account as well as for any transaction of over Rs 50,000.
Today, market scenario combination of goods and services are supplied together to attract more consumer. In service tax, this is called bundled service and under GST law it can be classified as Composite supply and Mixed supply is entirely new concept introduced under GST law
The GST Council is again to set its 17th meeting on Sunday to discuss all those long awaited topic namely anti-profiteering and the e-way bill which was opposed by many sectors in which the transport sector was the major one.
Telangana is now ready for the implementation of new GST Regime from 1st July from technology and preparedness perspective said Government official.
Only 15 days are left for the implementation of new GST Regime and the experts have raised issues that service sector are facing the problems in shifting to new Goods and Service Tax (GST) Regime.
The GST is approaching at a very fast pace and there are only 20 or fewer days left to tackle the issues which the traders are facing currently. According to the provisions, a taxpaying entity must be registered under GST if the turnover crosses the threshold limit of 20 lakh but there are very shortfalls on this point.
According to three GST providers who spoke with an imminent media house on the basis of anonymous identity mentioned that the new rules, regulations, and revisions made by the Goods and Service Tax (GST) are influencing the new Information technology and cutting down the time available for software testing and security compliance.
