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Several business segments and industries are worrying about the new Goods and Service Tax (GST) Regime in India, as less than three weeks are left now for implementing GST. Most of the industries are not prepared for the new GST Regime but still, there is a confusion on what taxation rates will be levied on automobile industry either it is 28 percent or 30 percent.

The government has finally taken a step towards the clarification of backdated tax credit being due within the transition towards GST scheme. In the latest notification, it is said that all the retailers and traders can declare filing within 90 days and claim a tax credit for transitioning of the stock after the implementation of the GST.

The upcoming GST scheme will be affecting a lot of financial services and this is due to new revised rate of 18 percent from the previous 15 percent being levied by the GST Council in its recent 14th meeting in the Srinagar. Although the differences are said to be marginally still there are various sectors, like banking, investments, insurance, real estate and mutual funds which are to be affected by the turmoil of GST.

GST Council has announced Goods and Service Tax (GST) rate, but it also requires some modifications in the upcoming days. Several industries and businesses which include FMCG, Automobiles and traders had been requesting to the Central Government for revising taxation rates. The next meeting of the GST Council will be scheduled on 3rd June 2017.

India is making full efforts on implementing indirect taxation structure system. It is similar to State Good and Service Tax (SGST). Tax-free zones are some specific areas in which business enterprises are exempted from paying sales state tax and will be eligible to claim the refund under new GST Regime.