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Finance Minister recalls the GST Network and has firmly said that banks are under process to link their systems to the GSTN for the upcoming regime
The old issue of assesses control has been replied by The Indian Revenue Service (Customs and Central Excise) officers’ association who has demanded the council to give the authority of assessing all the taxpayers under the turnover of lesser than 1.5 crores to the centre.
The government from both the polarities of center and states still can’t decide the dual controller of assesses which will be proposed under the GST impact. Finance minister Arun Jaitley said that The meeting has remained incomplete. Discussions will continue on November 25.
ASSOCHAM (Associated Chamber of Commerce and Industry of India) has asked for a 25 percent of tax in the GST implementation, while the plea was discussed with the centre and its board said
The GST is very near to the implementation and all the member’s government, enterprises, regulators and consumers will join the league making the motto of one country one market structure come alive.
A huge crunch has been employed over the black money issue on this November 8 by the prime minister and has also given a sign to the people who are digging holes for their black money that no way will be provided them to save their evil income. While the demonetization was announced on air, people were rushing through the lanes of gold market for exchanging their cash for some gold.
In GST model Law separate provisions have been prescribed to determine the time of supply of goods and services. Liability for GST will arise only at time earliest of occurrence of events of supply, which will be determined as under-
As speculated, GST was meant to force the trading community to pay the taxes and not to evade it, while saving tax in a reformative way was quite essentially good but in the mean time, currency ban showed that government is not intending any pun over the issue of tax evasion activities and black money hoarding.
National data secrecy will be very much on the verge of disclosure if the much populated GSTN would be given to private players in the market. BJP Rajya Sabha MP Subramanian Swamy has objected the very same matter for the concern of all the taxation data being provided to the private organization who will create the vast network of GST in the upcoming time frame.
