Powerd By SAG INFOTECH
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In a step to take a dig over the false build up of PAN number for illegal purposes, the government authority either deleted or blocked more than one lakh permanent account number (PAN). The government has taken this step to investigate fake identities while the action is considered to be very bold enough to target the shaded individuals.
The world-renowned embroidery (Chikankari) industry of Lucknow, which employs more than five lakh people, is in a state of confusion because of the indirect tax system goods and services tax (GST) that has implemented across the country.
After so many chaos and confusion Goods and Services Tax (GST) Regime has been implemented across the country on 1st July. Finance Ministry on Friday has cleared that the education sector will not be affected by the implementation of this new regime and no tax will be levied on the educational services.
The One Nation One tax concept will be adopted by the income tax department on large scale as soon as possible which will eradicate the jurisdiction issue over the assessment.
Goods and services tax will be developing some tough situations for the business units to survive with the hectic compliance issues. As it is speculated that small and weak credit profile companies will be having more difficult issues.
The demonetization drive which was launched last year on 8th November drew a lot of attention from the globe and praised the man behind it, Mr. Narendra Modi, the prime minister of India and the person who courageously shredded away high value 500 and 1000 rupees currency notes in order to curb black money. The black money was said to be stashed in cash with tax evaders from a long time and the time came the government instantly brought the value of those currency notes to zero.
It is uncertain that what if the implementation of the Goods and services tax (GST) goes expensive with inflation goes higher but the government is still assuring the fact, that it won’t be the case in the GST.
Goods and service tax will create an all round difference in the economy as well as in the functionality of business units and in this matter, a various lower business might try to bring down their actual income in the bracket of 20 to 50 lakh in order to save 1-2 percent over the generated tax obligation.
The government is leaving no stone unturned in the scenario to acquire the mighty powers which will help them to tackle the vast income grounding currently at a peak in the nation. Now the new
