Powerd By SAG INFOTECH
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The expert belief has suggested that Goods and Service Tax will bring some competitiveness into the MSMEs Arena. The Micro Small Medium Enterprise as of now scattered into organized and unorganized sector but both of them will come into an active position to meet the rumble. The said gesture was made by experts at manufacturing conclave which was held by Confederation of Indian Industries (CII) on Tuesday.
After a long wait, the dream comes true when GST become applicable across India. More than 2 decades wait for a strong tax reform regarding indirect taxation will be part of our Indian economy. Now after passing the bill in both houses of parliament and receive President Ascent, the bill became Law for our nation. After that the foundation of a GST council complying of states and central governments members and economics experts. The council will decide the rates, exemption and rules and regulation.
E-commerce or electronic commerce (an online shopping hub) manages the buying and selling of products and services exclusively through electronic channels. E-commerce captures around 33% of the global market with a positive growth in near future.
The two-day meeting of GST council that started on Thursday has come up with a striking news and has given an exact limit on which the threshold amount has been set.
The South Indian Film Chamber of Commerce (SIFCC) is seeking a resolution from the Union finance ministry quoting the adverse effects of GST on the film industry.
Mobile phone manufacturers have appealed the finance ministry to continue the differential duty structure and the benefits from it. The phone makers fear about the casualty caused after the implementation of the GST in April 2017.
The GST council will be playing a very significant role in the implementation of the new taxation regime across the country. While carrying important aspects, the council will be responsible for all the major decisions and roll out regarding the taxation structure.
As the Government is preparing to roll-out the GST law by April 2017, the newly formed GST council has started considering some mechanisms in order to assure proper functioning of the GST regime. The govt is considering a price-monitoring mechanism under the goods and services tax (GST) to ensure that the benefits get applied effectively on any unwarranted price shocks. Meanwhile, the states are also showing their interest in the regulations carried away by the council over the GST.
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.
