Powerd By SAG INFOTECH
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In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
The Goods and Services Tax (GST) has been launched in India, and it has, as expected, affected almost every major and minor business industry in the country.
The CAG (Comptroller and Auditor General) auditors are done with all the rigorous training in the wake of upcoming goods and services tax in India which will be implemented as scheduled on July 1, 2017. But one thing which has confused the auditors the most is that how these professionals will get the access to the GST data for auditing and also where will be the exact department to handle after the GST.
The Union Finance Minister Arun Jaitley has given an unusual hint towards the legislation process and directed the budget session currently active to pass the goods and service related drafts and legislatures in reference to garner the benefits and revenue of indirect taxes as it will discard the rights of centre and states to collect the taxes after the deadline of September 15.
The GST is around the corner and the very few can ascertain that a new law has been incorporated i.e. Union Territories GST (UTGST). The GST council has included the UTGST in order to complete the constitutional obligation which says The Constitution (One Hundred and first Amendment) Act, 2016
The ongoing meeting of the GST council has been expected to pass out the two remaining legislature in order to give a start to the countries most ambitious taxation regime. The SGST and the UTGST are two remaining bills which are needed to be cleared for the progress of the tax scheme.
The goods and service tax was always seen as the messiah of nations economy as it is the one nation one tax regime for the businesses running here in the country. Thoughts over this tax regime were always ambitious but as the time is passing frequently, the industry bodies and various business units have come out from the shell to regard the GST, a very hard to comply taxation scheme.
The problems of Indian Telecom sector is about to risen up after the implementation of Goods and Service Tax in July. The industry is currently operating in 22 licensed service areas, which will then have to face multiple jurisdictions while paying GST. To avoid this issue, the industry wants to be taxed after the collection of the revenues at one place, just like banks.
The council has been spearheading towards anonymous solutions buffering from the economic experts and various ministries and in the middle, it has been claimed that there might be the outcome on compensation related issues. As the pending supporting legislation — Central GST (CGST), Integrated GST (IGST) and State GST (SGST) — will come up for examination in the eleventh meeting of the Council. The finish of the draft Bills will be significant for guaranteeing the convenient presentation of these Bills in the second period of the Budget session of Parliament, which is planned to begin on March 9.
