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The central government finally made decisions over the long discussing GST rates in its 14th meeting in Srinagar headed by union finance minister Arun Jaitley along with finance ministers of states. The announcement mentioned that consumer goods for daily consumptions like the pulses, food grains will be cheaper while the Finance Minister Arun Jaitley cleared that GST rates have been fixed for the rest of the total of 1,211 items except for six items due in procedure.
The goods and service tax council has finally approved the final set of rules which will be implemented in the new upcoming tax structure. As from the sources, it has been known that GST council has finalised tax rates of over 80 to 90 percent goods and services coming into the four slab tax rates. It also ensured that the daily usable items will be fitted into lowest slab rate of 5 percent which will not impact on the inflation.
A very significant day has finally arrived in the economic corridors that will decide the fate of inflation in India. Today, the new tax rates will be decided under GST for the goods and services running across the nation. The meeting will be held in Srinagar by the apex GST council headed by union finance minister Arun Jaitley.
The demonetization drive which was launched last year on 8th November drew a lot of attention from the globe and praised the man behind it, Mr. Narendra Modi, the prime minister of India and the person who courageously shredded away high value 500 and 1000 rupees currency notes in order to curb black money. The black money was said to be stashed in cash with tax evaders from a long time and the time came the government instantly brought the value of those currency notes to zero.
The goods and service tax is a globally acceptable tax implication and has played a vital role in strengthening various countries economic position and credibility. Also, marked as a most dynamic and reformative taxation scheme, the Goods and services tax is approaching at a very fast pace in India.
The government is heading for a full proof plan for the execution of goods and services tax in India with the set up of two whole new dedicated agencies in the origin of analytics and business intelligence. The upcoming goods and service tax will be subsuming various central levies like service tax, excise duty, and state VAT and the Central board of excise and customs (CBEC) has made some necessary requirements to fit the new duty laws in field formations of service tax and central excise.
In a fortunate turn, the upcoming Goods and Services Tax Network will not be affected with the latest circulating ‘WannaCry’ virus attack which has taken hostage thousands of computers and cybersecurity into its hands and has been demanding ransom in Bitcoins to release the server of the computer from its encryption locks.
GST will be soon actualized in the nation with having seamless opportunities for the business community, but it seems that Jammu and Kashmir business community will be having a tough time to deal with the upcoming tax regime due to its autonomy rode financial state.
Nagpur is one of the states that will be profited with the implementation of Goods and Service Tax Compliance in India because it is located in the centre. Aniruddha Ghude, the chartered accountant, said that, To avoid unnecessary logistics costs, companies will be bound to set up manufacturing plants around the city because of its central location.
