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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.
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.
Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises.
Goods and services tax in India will be very much positive for the automobiles sector as the tax regime holds the efficiency to remove the cascading effects of the current tax scheme.
There are various provisions in the GST and their work-ability is only understood by the apex officials who have worked upon the tax regime and has tried every possible way to make it happen. Recently Union finance minister Arun Jaitley stated that the quarterly filing of the return is not feasible and can not work for the taxpayers who has a turnover of above Rs. 50 lakhs.
Starting from 1st July, the Goods and services tax will be applicable and in return will demand a list of strict compliance. The government will be making a round of inspections and compliance rules to make sure no taxpayer evade the taxes along with proper follow up with the compliance.
Recently after a big disruption caused by a fraternity of MLA’s in the Rajasthan assembly, which evoked the speaker and other head ministers to suspend them for initial one year, the assembly has been finally able to pass the state goods and service tax successfully.
Rajasthan soon will get the real feel of Goods and Service Tax (GST), as a beta launch of the software has been announced from May 1. For this, a simulation centre has also been developed in Jaipur city, where real-time data will be analysed for any loopholes and to strengthen the technology.
