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After the hustle and uproaring over the tax rates decided by the GST council in the recent time, the Central Board of Excise and Customs Chairperson Vanaja Sarna clears that the revision of any tax rate of whether good or services is solely at the discretion of GST council and no one else.
The GST is going to happen in a month time and few industries are way disappointed with the GST rate framed by the council. Few industries have come forward demanding concession in rates citing the mass use of their products. The are also seeking lower rates in comparison to other products in the segment.
The government has been trying to make every sort of channel to bridge the gap between the taxpayer and the government sources to cherish the upcoming GST in a healthy way. In this direction, the government has started a new Twitter handle for the general public to resolve any queries regarding the Goods and services tax.
The e-way bill which got much hype after its introduction may be delayed due to the draft bills and rules which are still under the discussion in GST council.
India is making full efforts on implementing indirect taxation structure system. It is similar to State Good and Service Tax (SGST). Tax-free zones are some specific areas in which business enterprises are exempted from paying sales state tax and will be eligible to claim the refund under new GST Regime.
One common unified tax will be applicable after the introduction of GST. GST Regime will replace octroi duty and nearly 1,300 employees of the Brihnamumbai Municipal Corporation (BMC) will be fired from the job. People who are working in the Octroi Department which include five check posts at Mumbai’s entry-exit points will be jobless.
The GST is in the queue for the implementation and every corner of the financial corridors are now talking about its registrations which will be going to re-open on 1st of June to ensure the remaining taxpayers get registered under this new tax regime.
Soon after the GST council decided the tax rates which have to apply to the goods and services, it is speculated that there is a danger of an imbalance between the different sectors of transport related to GST rates.
After the reduction of GST rates on marble stones and tiles, the prices of stones have declined and there is a rise in the sale of both marble stones and tiles.
