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Goods and Service Tax proceedings have been completed up to 60 percent in its structure, which is habited to implement on next April, but there is some major concern regarding GSTN among the government officials including IRS officers who have given a different sign towards the step which GST council might take.
Maharashtra Finance Minister Sudhir Mungantiwar showed his concern about the implementation of the GST in the state and assured that the government would take care of no revenue-loss after the application of GST.
The officials said that transitional amendment in the Constitution (122nd Amendment) (GST) Act, 2014, to roll out the goods and services tax (GST) would provide cover to the government until the time this reform is implemented.
Talking about the levy of excise duty, the Finance Ministry said on Monday that there is no legal infirmity in the notifications issued by the government in context to the GST Constitution Amendment Act.
Airlines Industry has been considered a fast growing sector within its parameters and has been a very promising area of adding value to the countries growth and the standard of its people. But the overall burden of the country seeks remuneration from all of its contributors and Airlines also in the queue.
Goods and Service Tax popularly depicted as GST has so much to accomplish even in its starting stages, as the taxation regime has given various hints to the government and the nation that being a financial structure, it also demands to be taken into consideration from official papers to the lowest levels of road structure.
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GST is a revolutionary step in the indirect taxing regime, the most awaited Goods and Services Tax bill got the assent of President on the 08th day of September 2016 and became the Act. GST will be a single window for all Indirect taxes as it will subsume majority of the indirect taxes. GST is the thing which will reshape the Indirect tax structure and impact of it will be seen on its stakeholders. It is expected that it will increase the GDP by 2%.
Goods and services tax has now started showing off some of its benefits in the sectors where it encountered hurdles before. In the same direction, GST would be giving a relaxation over the process of PAN India auction which has been recently introduced by Tea Board in June this year.
