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One common unified tax will be applicable after the introduction of GST. GST Regime will replace octroi duty and nearly 1,300 employees of the Brihnamumbai Municipal Corporation (BMC) will be fired from the job. People who are working in the Octroi Department which include five check posts at Mumbai’s entry-exit points will be jobless.
People who are interested in collecting stamps and coins have sent a letter to the finance minister Arun Jaitley. They requested to Arun Jaitley that their hobbies should not be kept under the slab rate of 28 percent tax on Goods and Services Tax.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
Recently after a big disruption caused by a fraternity of MLA’s in the Rajasthan assembly, which evoked the speaker and other head ministers to suspend them for initial one year, the assembly has been finally able to pass the state goods and service tax successfully.
The former finance minister P Chidambaram has finally shared some views regarding the implementation date of Goods and service tax in India, as he said that October 1 will be the suitable date for the implementation of the new tax regime as the minister called it as a realistic deadline as of now due to the various factors prevailing in the market.
In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
The Goods and Services Tax (GST) has been launched in India, and it has, as expected, affected almost every major and minor business industry in the country.
The CAG (Comptroller and Auditor General) auditors are done with all the rigorous training in the wake of upcoming goods and services tax in India which will be implemented as scheduled on July 1, 2017. But one thing which has confused the auditors the most is that how these professionals will get the access to the GST data for auditing and also where will be the exact department to handle after the GST.
The ongoing meeting of the GST council has been expected to pass out the two remaining legislature in order to give a start to the countries most ambitious taxation regime. The SGST and the UTGST are two remaining bills which are needed to be cleared for the progress of the tax scheme.
