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The Union Finance Minister Arun Jaitley has given an unusual hint towards the legislation process and directed the budget session currently active to pass the goods and service related drafts and legislatures in reference to garner the benefits and revenue of indirect taxes as it will discard the rights of centre and states to collect the taxes after the deadline of September 15.
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
India on a strict basis made a strict denial to the California-based technological firm Apple Inc in reference with their demands of various exemptions exceeding the government’s norms and rules. The Apple was sorting out to install a manufacturing hub in the south Asian country and for this, the organization was questioning the Indian government to grant some exemptions on imported parts that are used in the assembling process.
As the nation is very well aware of Union cabinet approving four GST legislation bills and being in the queue for to be presented in the parliament. In the current session of the budget, the finance minister Arun Jaitley expressed his views on the GST effect and positively said that the upcoming Goods and service tax will definitely collaborate the market as a global single market and will also reduce the prices of commodities making tax evasions difficult in the sidelines.
On a mandatory note, the government has mandated the Aadhar Number to be used while filing the income tax returns and applying for new Permanent Account Number (PAN) card starting from July 1 in order to tie the knots more strictly over the miscellaneous system being operational under the government schemes of taxation and other business applications.
Goods and Service Tax is well ahead of many other significant issues currently running through the ministry and Parliament business and one thing industry expert are sure about is that GST will bring along some benefits including tax collection growth on the sidelines of implementation.
The GST (Goods and Service Tax) Council is planning to implement its new indirect tax reform in the country by July 1, 2017. Meanwhile, the leading beverages maker Coca-Cola wants the implementation date to be postponed by two months and make it to September 1, 2017.
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
The Union cabinet finally approved the long-awaited GST draft bills in a meeting held in favor of India’s upcoming taxation regime, and now the remaining task is to get it approved in the Parliament as soon as possible. A total of four draft legislations are supposed to be introduced as money bills in the parliament i.e. the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST) after the approval of Union cabinet and earlier got approved in the meeting of GST council.
