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Every business entity which is getting registered under Goods & Services Tax will be provided a unique identification number known as GSTIN or GST Identification Number. Presently, every dealer which is registered under the state VAT law occupies a personal TIN number which is assigned to him by the state tax department. Just like that, the service tax registration number is assigned to a specific service provider by the Central Board of Excise and Customs (CBEC).
The government is heading for a full proof plan for the execution of goods and services tax in India with the set up of two whole new dedicated agencies in the origin of analytics and business intelligence. The upcoming goods and service tax will be subsuming various central levies like service tax, excise duty, and state VAT and the Central board of excise and customs (CBEC) has made some necessary requirements to fit the new duty laws in field formations of service tax and central excise.
The government along with the Central Board of Excise and Customs (CBEC) has pressurized for wrapping up IT training of the authority officials in order to align with 1st July roll out of goods and services tax. The previous week, the union finance minister Arun Jaitley mentioned that a minor percentage of around 40 percent tax officers has been trained under the IT training initiative for the operations of GST portal which is a source from the GST network.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
The GST knowledge training is the top most priority of every state government and the center is also making every effort to create awareness on the same issue. Recently taking the example of Gujarat government, which is taking every possible action towards the smooth and responsible implementation of the new tax regime.
The Goods and service tax in India has been rolled out also the government has released the GST return form details which are mandated to be filed according to the GST due dates mentioned in the attached notification.
Contrasted with different businesses, the dairy segment has coordinate branches on the drain makers in India. In spite of the fact that most recent data is demonstrative that GST (Goods and Services Tax) would be connected at least 18% on all items, regardless of whether it is pertinent for all dairy items is not yet clear. It would be shocking if such a section is connected to prepared dairy items.
The automobile Industry is very hopeful with the GST regime as the government is very cautious particularly for this sector. The industry of automobiles is tremendously big which tackles the manufacturing of a very large chunk of cars and bikes every year.
