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The state government of Bhopal has cleared a relaxing point that it will continue to offer the compensations to the newly set up industries which are subjected to the compensation under the promotion campaign started by the state authorities.
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.
GST regime has been on its way towards the implication, and in this journey, the dream work of UPA government caught a seizure. Large Taxpayer Units are now in the black zone and will be closed down as soon as the new taxation regime comes into force.
Assam being the first state to take a step towards implementing GST as the registration process initiated which will be taking down the details of all the taxpayers and making them enlisted into the taxation list.
As earlier speculated, the GST can imprint various benefits over the nation’s economic structure. This time is it has proved to be well worth for the transportation and logistics industry. In a discussion with an imminent person of KPMG Advisory Services Rajeev Singh, Partner – Management Consulting was guiding over the matter of GST and its effects over various procedures currently running through the nation.
After a long wait, the dream comes true when GST become applicable across India. More than 2 decades wait for a strong tax reform regarding indirect taxation will be part of our Indian economy. Now after passing the bill in both houses of parliament and receive President Ascent, the bill became Law for our nation. After that the foundation of a GST council complying of states and central governments members and economics experts. The council will decide the rates, exemption and rules and regulation.
Congress has put all the efforts to control some of the points which would thereby repress the main motive of GST regime to fully function into its caliber. The issues that the Congress and its major finance ministers are pressing down is that of capping of GST rate to 18 per cent.
Goods and Service tax, a significant taxation regime which will subsume, various indirect taxes in the nation and has a tentative date of 1 April in coming year to be implemented. And in this direction, the first meeting will be holding today at the national capital. The two-day meeting was already scheduled for Sept. 22-23 […]
In present scenario there are different types of taxes levied like service tax, VAT, Excise etc. In GST regime there will be a single rate of tax. The tax will be charged on value addition only. This will lead to lower down the cost of products and services. After the introduction of GST law, the customer will be able to know that what is the actual tax he is paying for the product or services.
