Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Upcoming GST regime will be giving some serious authority to the GST officers to make a vigilant and strict move towards the fickle minded business units. The GST regime in its provisions and clause gives the power to the GST officer to term 5 years of jail to any convicted businessman in the case of proved conviction. The GST officer can also impose a heavy penalty over the particular convicted businessman or trader who is booked under the tax evasion case by the vigilant team.
Indian Venture capitalist and other private equity firms which are the main responsible entities who boosts and pushes numerous private budding firms and startups towards a better financial position are now afraid of the upcoming goods and services tax heading this July 1st. The reason being is the new GST tax law which will give the authority to the tax officials to claim the taxes dues of their concerned investor companies with full interest and penalties from the designated directors.
A problem close to the level of seriousness is approaching and engulfing a massive number of 30 thousand traders, merchants and taxpayers in the nation related to the GST migration. Talking about hundreds of thousands of traders and their problem related to the migration can be hectic and impossible but taking some few example might explain the issue.
India is going on the path of development at a fast pace and to move forward and make it more competitive, it must include reforms and strategies in its taxation and financial system. The country will be soon going to see the new tax regime, GST in order to facilitate the governance and economic condition of the country.
Ahead of Goods and services tax, the Rajasthan trade body has come forward and demanded from the central and state government to fully resolve the concerned issues of GST under the time period of 15 days or less. Failing of which will lead to an uncertain scenario, the trade body warned this to the ministry and higher officials.
The upcoming goods and service tax will prove beneficial for many states and also for the Uttar Pradesh as the latest statement being recorded from the Governor Ram Naik. The official mentioned this on the convention of the Commerce Tax Service Association and also added that this will become a lasting success for both the state government as well as central government.
The apex body along with the responsible team of ministers and tax officials will be organizing a meeting to discuss and finalize the service tax under the GST.
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
