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The biggest tax reform of our nation, Goods and Services Tax (GST) Bill has got the support of chairperson of Mahindra Group, Mr. Anand Mahindra. Backing the bill, Mr. Mahindra said today that if the GST will not be implemented in the Parliament then it will badly affect the country and also prevent to become a common market. He also told that the GST is a Brahmastra of India.
The finance ministry and empowered committee of state finance ministers have released a usual exempted items list including tea, coffee, biscuits and other medicines that have been exempted from excise duty.
The time of winter session, a lot of clamor is going on in parliament regarding the important regime GST. The opposition parties have their own demand on GST and have created difficult situations for the BJP government to roll-out the Bill on its deadline. Between hubbub of parliament, the Indian government may take decision towards the much-awaited crucial reform-Goods and Service Tax. The government may scrap 1% inter-state tax as the main opposition party-Congress wants to remove this addition tax. If the government accepts this demand of opposition then the Bill will be passed on 1st April, 2016, otherwise it may be missed-out from its deadline.
GST Stands for Good and Services Tax that is a vital regime of India. It is the biggest indirect tax reform since independence. It would be levied when a consumer will buy a good and service.
The Indian Finance Minister, Arun Jaitley held a meeting on Tuesday to make changes with the opposition party Congress. He believes that these demands can “damage” the new system compared to its benefits.
The Indian Government is willing to talk with the main opposition party-Congress for backing the Goods and Services Tax (GST). The Janta Dal (United) and Biju Janta Dal pushed the government to opt for a give-and-take conversion with the opposition on the GST Panel and finishing one per cent inter-state tax (CST).
At the moment, there are many rumors regarding India’s biggest reform, GST Bill. As per the sources, the Goods and Services Tax (GST) rate may be reduced from 18 percent. If the GST rate is less than 18 percent then there is a good chance that it will be emerged to roll-out the GST Bill in the Winter Session of Parliament and the opposition parties also want to reduce the GST rate. Therefore, they won’t have any reason to delay it further more.
The grand alliance between Janata Dal (United) and RJD has made their presence in Bihar state by registering a massive victory. The party might create a buzz in the Parliament from the beginning of Winter Session, by indicating to support the opposition party on the GST Bill.
When the last date of IT filing arrives close, every taxpayer worries about how to calculate the taxable income and online e-filing of the income tax return. The income tax return has to be mandatorily e filed in case your income is above the basic slab rate. However, paper returns can be filed by those […]
