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The GST network has got 48 of the prospective firms on their list who are desiring to be in the service providing team of GST network. The firms will have to acknowledge their efficiency in handling the large database and to become GST Suvidha providers for the upcoming GST regime.
Recently, in an event of Economic Times, the founding member of Medical Technology Association of India (MTaI) Mr. Sanjay Bhutani, Country Manager, Bausch & Lomb India advised some of the significant issues on the challenges of medical device sector.
A very crucial meeting which was scheduled to happen on November 25 now postponed to December 2-3. Various states were in the row to modify the rules and regulations in model GST and the compensation laws.
In GST model Law separate provisions have been prescribed to determine the time of supply of goods and services. Liability for GST will arise only at time earliest of occurrence of events of supply, which will be determined as under-
Enrollment has been started from 8th November for all the states and the last date for GST registration will be running until 31st March 2017.
The Government of India on Sunday stated that the GST payments can be made online with the help of Credit or Debit cards. Hasmukh Adhia, Revenue Secretary, while addressing the Global Investors Summit said,
As we have seen that GST is a boon to the Indian economy as it increases the GDP of the country by 2%-3% which in turn increases the no. of taxpayers and leads to increase in tax revenue for the government. GST will favorably affect the Distributors or Wholesalers in the following way:
Central Board of Excise and Customs has given a clear indication to its working staff to shed off all the pending cases related to drawback payments and clearing pending refunds. The announcement has been made in order to make the way for GST and giving it a smooth hassle free structure to operate.
Finally, government has cleared off some clouds over the blur issue of taxation rate. The tentative rates were being generalized after the first-day meeting of the GST council headed by Finance minister Arun Jaitley. The rate of taxation has been running under the row and would be improvised soon.
