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The Government has given a serious concern over the GST and its upcoming benefits to the consumers, and it has also been doing some homework with its top officials at GST council. The government is watching through all the aspects of implementing GST and here it also arose again on the verge of completion.
The GST network has got 48 of the prospective firms on their list who are desiring to be in the service providing team of GST network. The firms will have to acknowledge their efficiency in handling the large database and to become GST Suvidha providers for the upcoming GST regime.
The onset of GST might bring a happy face on the consumer of Indian community as the latest draft bill will be issuing a new provision which states an anti-profiteering clause. This clause depicts that the India Inc fraternity will be reducing the prices of the commodities which will get the benefit under the GST regime arriving early 2017.
GST has a wide impact on every possible sector and this time it has far reached towards the Housing industry which is claiming it for a high volume and low housing facility for everyone. The sourced information has been recovered from a white paper which is name Decoding GST and Real Estate Regulation by RICS, a self-regulatory professional body for qualifications and standards in land, property, construction and associated environment issues.
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.
A sudden news was announced on 8th of November night where all the high-value currency notes were tendered illegal giving away a blow to all the black money hoarders. The time limit has been granted to all the general public to exchange their preserved currency through any bank.
The Media industry in India is known for growth at a faster rate. India is globally the fifth largest media arena. Penetration of smart-phones and the Digital India initiative have led to a spurt of activities in the digital sector.
A long talk was conducted recently with the President of Assocham Mr. Sunil Kanoria regarding the benefits and upliftments of Goods and Service Tax. He said that “By unifying all Indian states and Union Territories into a common market, GST will exponentially enhance the ‘ease of doing business’ for them and this can unleash India’s huge domestic potential.”
Oil Minister Dharmendra Pradhan said that “GST Council will decide on this (taxation of petroleum products). On behalf of the industry, I would request the states to allow petroleum products to be brought under GST taxation.”
