Powerd By SAG INFOTECH
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Comptroller and Auditor General of India (CAG) has started its practice towards raising powers in their respective fields. While the department has always enjoyed the auditing of likewise all the information of taxation base of revenue generated in the consolidated funds of India, this time the eyes are raised for the inclusion of this power into the upcoming GST draft law to continue their prowess.
Goods and service tax implementation is being speculated with many professional eyes and in this attempt, Nomura, Japanese financial service provider and a mogul in its field served its clever statistics over the Indian economical inflation and its overall impact along with its growth rate.
In a noteworthy leap forward on GST front, the Center and the states ended up with an agreement on the hostile double control issue on its eighth meeting at New Delhi to make a ground for the rollout of the greatest assessment change from 1 July 2017, said Finance Minister Arun Jaitley.
The registration process for GST migration has been in full swing but despite the fact that the State government needed merchants paying VAT (value added tax) to move to the Goods and Services Tax administration by January 15, about 80,000 merchants are yet to fall in line. A devoted group of officers had been working in the division to assist merchants paying VAT with migrating to GST told Commissioner of Commercial Taxes M Chandrasekhara Reddy.
Finally, GST can see its day of light after the ministry and GST council has again set their meeting to discuss a crucial matter along the line today at Delhi. Finance Minister Arun Jaitley will hope to break the halt over dispersion of forces amongst center and states to regulate GST
Goods and service tax and demonetization both have called for an attack on all the illegal transactions and business avenues which were earlier happening in the Indian economy with its money stashing and tax evasion issues, and now the Minister for Shipping, Road Transport, and Highways Mr. Nitin Gadkari has also emphasized on this same utilities in a positive manner.
The Goods and Services Tax constitutional amendment having been declared by the Govt of India, the rollout of the GST Bill will be an aggregate exertion of the Central and State Governments, the citizens and the IT platform supplier i.e. GSTN, CBEC, and State Tax Departments.
Haryana government has now taken up the initiative to increase an overall business activity in the state by which considering they have launched an Investment Subsidy on VAT/ State GST plan for all the projects termed ultra-mega projects, mega projects, large units, Micro, Small and Medium and sectors (MSME).
Goods and service tax is an ever extending part of the government’s initiative to fully implement the direct tax regime into the structure. While many parties are still confused and doubtful, but the BJP MP Subramanian Swamy has now come up with a staggering revelation about the recent loan offering to the Goods and service tax network by the IDFC of INR 550 crore.
