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Musical Instruments will be imposed at 28 percent higher tax rate in the Goods and Services Tax (GST) Regime and the owners of musical stores are protesting for the higher tax rates with confusion.
The GST Council along with the central government has now mandated that each and every trader will have to display their GSTIN number on their signboards.
The Goods and Service Tax Regime has been rolled- out on 1st July across the country and it is saving about 24 – 36 hours time of fleet owners at each check-posts as VAT, Sales Tax, and Octroi duty has been removed by most of the states in the new regime.
As per the GST provisions, in case of goods costing more than Rs 50,000 it is necessary to register online, before moving the goods and also it is expected that the E- Way Bill Information Technology system will be hitting in the month of October, once centralised software platform is ready, said top official. E- way bill provision will be carried out after infrastructure for a smooth transition, registration and verification through mobile devices with tax authorities linked up.
GST has been played with various rules governed by the state government and can negate the benefits of it. Recently the Automobile industry reduced the prices of two-wheeler and four- wheelers after the implementation of the Goods and Services Tax (GST) Regiment on 1st July
The GST regime is a new way tax by the means of filing returns, tax brackets and classifications. The new scheme of tax will still take some time to get easy within the structure of the Indian economy and taxpaying community. People are under the confusion and dilemma over various points being introduced within the wide prospect of GST.
Pawan Goenka, Managing Director of Mahindra & Mahindra (M&M)said on Thursday, For short term, Automobile industry will be benefiting with the new Goods and Services Tax Regime (GST), due to the price reduction and restoration of inventory levels at retail outlets
Delhi University is set to implement the concept of Goods and Services Tax (GST) in the syllabus of all commerce programs. Students who are pursuing commerce degree programs from the Delhi University will now have to learn the concepts of GST similar like Debit and Credit. The commerce students will have to study the GST related topics in their respective programs.
E- commerce giant Snapdeal on Tuesday has announced that its platform successfully implemented new Goods and Services Tax Regime in their system. The new regime will be improving taxation system, order processing, catalogue system, invoicing and ERP systems of Snapdeal
