Powerd By SAG INFOTECH
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The government has been trying to impose the Goods and service tax in the said timeline of July 1, but the opposition has been creating all sorts of extension and to take the GST bills towards completion and worthwhile to take the support from their network
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.
At the last, one can sure this fact that Lok sabha has cleared the much-anticipated bills to ensure the smooth road for the nation’s called taxation regime, the goods and service tax after 8 hours of long debate in the house. All the four bills which were due for their clarification were taken on the front by the opposition. All the bills namely Central goods and service tax, Compensation GST bill, Integrated GST bill and the UTGST have to find the way towards the roll out of GST as the historic tax scheme is now one step closer to the reality.
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.
The GST council has been in a dilemma of putting various goods into the category suitable for them. The government is preparing to roll out the well-discussed goods and service tax in coming months and in between it has been stuck on the issue of categorization of products.
The petroleum minister comes up with a statement saying that the Ministry is continuously working towards the inclusion of petroleum in the goods and service tax framework as it is thought to provide benefit to the states in overall. Petroleum minister Dharmendra Pradhan said that “This (the inclusion of petroleum in GST) will benefit the states also
As speculated, the premium and luxury cars segment may get a cheap turn and will be approachable after the GST roll out. Reason being for this point may emerge after the said taxes like excise duty, value added tax, state level taxes such as Octroi, local body tax and cesses are going to dissolve. The benefits can emerge up to 4 to 12 percentage points lower than the current one levied.
Finally, Lok Sabha which passed the Finance bill completed the budget session which is an important exercise for this year 2017-18 in order to get the best out of economic agenda. As the finance bill is a depiction of the Money bill, it must pass through the Lok Sabha and after all, these, starting from April 1, 2017
The GST will bring with itself a revenue loss of about Rs. 60 Thousand crores to the center for discarding all the other 16 types of cess and sur-charges from the list.
