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India’s aviation industry may come under an extra tax weight of up to Rs 15,000 crore yearly once the Goods and Services Tax is actualized, best industry officials have told the finance service ministry. Under the current aberrant tax administration, the industry needs to pay just about Rs 3,600 crore annually, as indicated by industry gauges, while its yearly income is pegged at Rs 60,000 crore.
Textile industries play a very important role in the development of the Indian economy with respect to GDP, Export promotion, employment, etc. It is the one of the oldest manufacturing industry in India. It is the second largest industry after agriculture which provides skilled and unskilled employment.
A top authority mentioned that the GST Council might choose to diminish the assessment slabs under the Goods and Services Tax administration in the wake of investigating the income accumulated and the remuneration payouts to states. With industry requesting for bringing down of proposed GST rates of 5 , 12 , 18 and 28 percent post the demonetization, CBEC Chairman Najib Shah said the Centre and the states at present gather Rs 8 lakh crore from indirect charges, fewer custom duties, and a similar level of income must be gathered in the GST administration.
Goods and Service Tax (GST) pull up enormous tax collection changes for the state. With collected tax administration happening, it would prompt to reject wide assortments of expenses like amusement assessment, VAT, Central Sales Tax, entry charge from general things.
The government has been very strict in the creation of various amendments and passing of bills which can make the GST easy to lay out in the nation and its economy.
The Government clarified the taxation on black money and stated that as a penalty 50 percent tax will be charged if the individual surrenders the unaccounted money or 85 percent would be charged in case the person gets caught red handed with the unaccounted money.
GST migration is nothing but transfer of existing client data from older system to the new system (GST system). The objective is to help existing clients to do business without any hassle, sort out inconsistencies and get ready for smooth transition towards the implementation on the date April 1, 2017. This is going to be a challenging task and will give us a clear picture of where are all the things stand.
ASSOCHAM (Associated Chamber of Commerce and Industry of India) has asked for a 25 percent of tax in the GST implementation, while the plea was discussed with the centre and its board said
GST impact on electronics industry is slightly negative as there are many products which are liable to be under lesser tax slab but still reeling under heavy tax pressure.
