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The government is in deep confusion ahead of goods and service tax as for fitting various services across the nation into a fruitful tax slab along with the categories including logistics and transportation which are expecting a lower application of taxes while compared to the current 18 percent spread across on several another kind of services.
Many states are now in fully working mode to clear out the GST as soon as possible, and in the same direction, Bihar and Rajasthan called for significant sessions in their designated assemblies to pass the state goods and service tax bill (SGST) on 24th April next week. In the second week of May, Assam will be also targeting to pass the bill in its assembly as told by an official.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
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 finance ministry is taking the GST matter to the general public for the suggestion and advice row as the ministry have put a set of 8 rules in the public domain, which will be applied to the roll out of goods and service tax in India starting July 1. The government is also seeking comments from the industries in concern on the newly included 4 set of laws i.e. GST Composition, GST Valuation, GST Transition and GST ITC. The rules got passed with some approximation at the meeting of GST council on previously gone March 31.
The Goods and service tax in India has been rolled out also the government has released the GST return form details which are mandated to be filed according to the GST due dates mentioned in the attached notification.
On the verge of new taxation regime occupying the nation, there are still some obligations which are to be met before fully realizing goods and service tax in India.
Goods and Services Tax is a significant step taken by the government of India to subsume all the additional indirect taxes which was previously levied such as VAT or sales tax, entertainment tax, entry tax, purchase tax, luxury tax, and octroi on the movement and purchase of goods and service
The GST is around the corner and the very few can ascertain that a new law has been incorporated i.e. Union Territories GST (UTGST). The GST council has included the UTGST in order to complete the constitutional obligation which says The Constitution (One Hundred and first Amendment) Act, 2016
