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The Union Finance Minister Arun Jaitley on Saturday has finalized the GST (Goods and Services Rates) for frequently used items, which includes footwear, gold, biscuits, textiles and apparels. Apparently, it was seen that these common items are kept in strange rates as the usage makes them special and the rates covered upon them might take a hit.
The Central government is forcing to implement Goods and Service Tax (GST) from 1st July but there is always something which stops its way. Under the new GST Regime, GSTN is one of the IT platforms which helps to perform any kind of GST activities which was developed by the mutual concern of Government and Private IT company. State Government, as well as several stakeholders, was disappointed with the readiness of IT platform as it seems that it is still under working phase.
Engineering Export Promotion Council of India (EEPC) has come up with issues which are not adjustable with context to the classifications of goods and several input tax credit anomalies.
GST will be increasing burden on the people who are habitual of traveling through AC class in railways.
The government has finally taken a step towards the clarification of backdated tax credit being due within the transition towards GST scheme. In the latest notification, it is said that all the retailers and traders can declare filing within 90 days and claim a tax credit for transitioning of the stock after the implementation of the GST.
ARN is an acronym of Application Reference Number which is created at the time of submitting enrollment application that is signed electronically or Digital Signature (DSC) at GSTN Portal. Under this, a unique number is provided for doing any transaction at GST System Portal. It must be noted that ARN can also be used in the future course of GST.
The One Nation One tax concept will be adopted by the income tax department on large scale as soon as possible which will eradicate the jurisdiction issue over the assessment.
For the smooth functioning of GST Regime from 1st July, PK Sinha Cabinet Secretary said to all the ministries and departments to establish a GST facilitation cell to solve the problems of the industry.
Almost everyone is saying that GST will help India to grow by 9 percent if seen through statistical viewpoint. The goods and services tax is scheduled to be rolled in less than a month and the NITI Aayog CEO Amitabh Kant is betting upon it with a positive note.
