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GST will be soon actualized in the nation with having seamless opportunities for the business community, but it seems that Jammu and Kashmir business community will be having a tough time to deal with the upcoming tax regime due to its autonomy rode financial state.
The SME (Micro, Small and Medium Enterprises) sector of India is going through a major growth phase and is also considered as a significant leader in the expansion of the economy for many years. And by the statistics provided by the SME Chamber of India, the SME industry is a major contributor with almost 45 percent in the industrial output and making 40 percent of the exports.
The revenue department announced that the GSTN enrollment window which was closed on 30th April will be again started in a few weeks from now. The enrollment window will be helping the taxpayers in the process of enrolling into the Goods and services tax network (GSTN) portal. There are about 60 lakh taxpayers which were enrolled on the GSTN portal in the duration between 8 November 2016 and 30 April 2017.
The new GST regime will be enforcing numerous tax compliance along with the strict prosecution which will further lead to demand GST jails in every state as stated In the meeting of the Punjab State Trade Board, the State General Secretary Sunil Mehra, District President Radheshyam Ahuja, Vinod Bharti.
Goods and service tax is approaching towards its scheduled deadline and is in the headlines of every news and publishing. While there are various queries and doubts regarding the information and rules regulation, there are general FAQ’s which might solve the questions of public in a easy and simple manner.
As the issues were raised earlier on the confidentiality of the taxpaying data, it is now again a matter in the GSTN arena that the All India Tax Advocates Forum (AITAF) has demanded an all round confidentiality and security of the details of the taxpaying data which will be uploaded by the assessees in the upcoming goods and service tax in India.
GST has again seen a positive response from the Haryana state as the state assembly passed the reformative Goods and services tax bill in the significant one-day session of the house and also in a turning point, gave the legislators a hike of salary and allowances with a rise from 50 thousand to 60 thousand per month of the ministers.
The GST is considered to be the biggest and most impactful tax regime in the Indian taxation industry as it is supposed to eradicate the leap of indirect taxes currently prevailing in the country.
GST is an online paradigm of taxation being hyped for its overly and absolute solution in the field of aggregate taxpaying community. The central government is still in the dark for the issues which might consume the objectives of the new taxation regime. As subjected towards the concern, poor and unstable internet connection is turning out be a problematic issue within the authorities and GST expansion plan.
