Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
All under-construction properties will invite a GST of 5 per cent with no input tax credit. However, GST will not be applicable to ready-to-move-in properties.
Usually, the winter session of the parliament takes off in the third or fourth week of November, but this time, it has been scheduled on November 16 and the major discussion to take place will be GST. As we all are aware of the fact that the Govt. is very keen towards implementing the new tax reform by the proposed deadline i.e. April 2017. The center doesn’t want any stone left in the successful roll-out of the GST across the nation.
The central excise and customs department has declared a protest will be held stretching across the nation and a mass casual leave will be taken on ‘budget day’ to show off the discontentment regarding the issue of GST and its implementation.
It has been about 2 months since GST was implemented in the country. The main aim of implementation of new tax regime is one nation, one tax, one market.
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 GST Council has been inviting more number of states to discuss over GST in order to clear all the doubts and fix the issues before the deadline. The first meeting of GST held on Thursday has decided to hold the predetermined date of the roll out to be 1st April 2017.
Flipkart, the e-commerce giant has been trying its hands over understanding the new tax reform and has started practicing way ahead of the actual GST roll out. The company has started following the GST guidlines and seems quite keen towards doing business with ease under the new tax reform. As this is a positive step taken by the e-commerce company, this will also give some helpful hint to other similar players in the market to start the practice in-order to prepare for the GST regime.
In present scenario there are different types of taxes levied like service tax, VAT, Excise etc. In GST regime there will be a single rate of tax. The tax will be charged on value addition only. This will lead to lower down the cost of products and services. After the introduction of GST law, the customer will be able to know that what is the actual tax he is paying for the product or services.
