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While exhibiting the Union Budget 2017-18 in the Lok Sabha, Finance Minister Arun Jaitley Today said the government is ready for implementation of the Goods and Services Tax (GST) and will start reaching out to the industry very shortly by April 1 to spread awareness about the GST regime.
As the Government is preparing to present the Union Budget for 2017-18 on Feb 1, some of the major IT manufacturers and tech companies are bracing the upcoming GST regime and also demand that the excise duty should be restructured in a more feasible manner.
A senior official said that the Goods and services tax will benefit the warehousing sector with ongoing taxation issues in logistics and transportation expected to be sorted out.
The goods and services tax has finally ended up the online party for the smartphone customers. The gap between the online and retail prices of the smartphone is now reduced to a considerable level with still lesser price marks in comparison.
GST Impact on Indian Aviation Sector
Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute a major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also.
Reserve Bank of India (RBI) governor Urjit Patel said that the implementation of the goods and services tax nationwide will provide flexibility to the economy. He further said that the demonetization of higher currency notes will embrace a significant change in long-term. The quotes were mentioned in the Financial Stability Report published by RBI.
Micro, small and medium enterprises (MSMEs) sector is much awaited to welcome the all mighty goods and service tax and also being in dilemma after what will be consequences of the same. The issues regarding the INR 1.5 crore limit on the levy of duty on MSMEs. While the same has been challenged to bring at a neutral level that of service tax.
JK Jain, Deputy Excise and Taxation Commissioner, Ludhiana division, has encouraged merchants enlisted under the Punjab VAT Act to gather their provisional IDs and passwords from the offices of their individual ETOs by December 21.
