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The latest nationwide crisis of demonetization-instigated money emergency has given a toll of reasons to the industries of various genre for getting themselves under the hood for a little while and still the industry needs more opportunity to set itself up for the goods and services tax (GST) and so is not stressed over a delay in its roll-out.
India’s aviation industry may come under an extra tax weight of up to Rs 15,000 crore yearly once the Goods and Services Tax is actualized, best industry officials have told the finance service ministry. Under the current aberrant tax administration, the industry needs to pay just about Rs 3,600 crore annually, as indicated by industry gauges, while its yearly income is pegged at Rs 60,000 crore.
Tax Specialists on Sunday said there will be a uniform and one-nation-one-tax in the form of GST effective from April 2017. The experts along with CAs were present at a regional tax conference held with the Joint efforts of Nashik and Jalgaon branches of The Institute of Chartered Accountants of India (ICAI).
The time period for GST Enrollment has been given some extension in the light of the fact that most of the states and people are still having little knowledge about GST and its registration process. Some inconvenience has also been caused by the slow response of government towards the full implication.
As you must be aware of the fact that GST roll out is stuck in the way because of several serious issues. The expected roll out is April 2017 but it is quite likely to be stretched till September. GST is a very ambitious project of the Indian Government. The new tax reform has taken two decades to come up and several GST Suvidha Providers have been formed who will provide their services over the GST.
The Excise and Taxation Department will begin the enlistment for getting a Goods and Service Tax (GST) number tomorrow. The office will issue a Goods and Service Tax number to every enlisted merchant. On the premise of the primary letters in order of the name of the organization, the office will issue temporary passwords to the merchants from December 16 to 21.
As the Modi government initiated its greatest war on black cash yet, chief economic advisor Arvind Subramanian pitched for land and real estate under the GST administration to check tax evasions and black money avoidance.
A big time relaxation just showered from the top ministry as it conveyed the news that, GST would not be gulping down the most basic requirement food into its basket. Food processing industry is probably not going to have any unfriendly effect as far as tax assessment under the proposed GST administration as the area will keep on being saddled with existing rates, a top Food Processing Ministry official said today.
GST is one indirect tax for the whole nation which makes India one unified common market. GST is a single tax on the supply of goods and services, credit of input tax paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
