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The government has this time to have an increased Tax to GDP ratio by 12 percent in coming two years by FY20. For this, the authorities will be having benefits of newly implemented GST and the thorough cross checking of accounts with their taxpayers.
The finance ministry is planning to set up an Anti-Profiteering Body to deal with fraud price hikes and to clear confusion over the new GST prices of goods and services.
The solar sector is troubled with the implementation of the new indirect regime as tax rates of solar products are not clear. However, suppliers yet not started passing benefits to the consumers that they acquiring from input tax credits- which is connected to high taxation rates and higher prices for customers.
The government is now embarking upon its new agenda for the improvement of economic conditions by doing a cut short in poll funding in elections.
Input tax credit is considered very significant for every business unit which are always in the need to invest in the business in the manner of capital.
According to the Development Bank of Singapore, the country need not to be worried from the new taxation regime as basic or essential items have been placed in zero- rated or exempted category. So, the economic impact of new Goods and Service Tax (GST) will be inflationary with little or less influence.
Finally, GST council heard of many sectors which were requesting for some relief from the heavily loaded GST rates levied upon them.
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.
GST is on the way and still, there is a lot to improve the statistics as the all of the finance ministry is looking up the best measures to fix the new tax regime in the best possible way. In this year, there is a significant event to take place which will affect many in a similar way, and that is Budget 2017 heading in February.
