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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.
The nation is working day and night to implement goods and services tax and is making sure that every step must be smooth and hassle free. In between the opposition Congress questioned about the ease of doing business after the GST.
Voluntary registration is self registration by the dealers in order to get listed within the GST framework. It is applicable for those who are not within the parameters of registration and are not required to register in the GST. Upcoming GST will be requiring registrations to be strict and complied with the rules and regulations and has also declared that the business units having a turnover less than 20 lakh (10 lakh for NE states) can get away with the GST registrations.
The Goods and services tax will be absolute in the matter of curbing tax evading practices as the invoice matching mechanism will be a significant tool in ascertaining the transaction details while matching it with the details furnished by the taxpayer.
Starting from 1st July, the Goods and services tax will be applicable and in return will demand a list of strict compliance. The government will be making a round of inspections and compliance rules to make sure no taxpayer evade the taxes along with proper follow up with the compliance.
The upcoming Goods and services tax will be running on IT platform and the supportive tools like GST Suvidha Provider (GSP) and Application Service providers (ASP) will be the significant players in the success of the tax regime. Here we try to explain these two important part of the GST network which will be the centre platform to hold all the tax data.
The Goods and service tax is under a very heavy pressure to improve and get ready for its upcoming rollout. Struggling with issues like poor internet connectivity service for the integration of the tax data framework to the low performing software from the government which it seems unable to handle a staggering amount of 3.5 billion invoices per month, all has to be resolved under a meager amount of time.
Certain items are on the speculations of becoming cheap once the goods and service tax rolls out as an easy and hassle free implementation of the GST is expected to make inflation not hitting hard on the general consumers. Currently, the GST council has finalized certain draft rules concerning tax refund, registration, invoice debit and credit, the framework on input-tax credit, valuation, transitional provisions and composition which will be ascertained in the next GST council meet on May 18.
The GST council along with its rate fitment committee will be resolving the pending task of aligning of all the goods and services in different appropriate slabs to decide and include more and more products and service under the unified tax ambit. The meeting will be starting from 4 May in the national capital New Delhi for three days. A committee member from both central and state tax department spoke that alignment of the tax rate will be finalized at the end of the meeting.
