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The newly hyped goods and service tax has taken over various sectors and in the recent time, Flipkart, Amazon India, and Snapdeal collectively restricted tax collection at source (TCS), another system proposed under the model Goods and Services Tax (GST) law to tax merchants on Internet commercial centers.
Yesterday, Revenue Secretary Hasmukh Adhia suggested the proposed Goods and Services Tax (GST) as a merger to subsume all cesses except those on petroleum.
Comptroller and Auditor General of India (CAG) has started its practice towards raising powers in their respective fields. While the department has always enjoyed the auditing of likewise all the information of taxation base of revenue generated in the consolidated funds of India, this time the eyes are raised for the inclusion of this power into the upcoming GST draft law to continue their prowess.
In a noteworthy leap forward on GST front, the Center and the states ended up with an agreement on the hostile double control issue on its eighth meeting at New Delhi to make a ground for the rollout of the greatest assessment change from 1 July 2017, said Finance Minister Arun Jaitley.
The Goods and Services Tax constitutional amendment having been declared by the Govt of India, the rollout of the GST Bill will be an aggregate exertion of the Central and State Governments, the citizens and the IT platform supplier i.e. GSTN, CBEC, and State Tax Departments.
The finance minister Arun Jaitley shall reveal the timeline for the much-anticipated tax reform— GST—in the upcoming Budget 2017-18, which would be carried out on February 1 2017. The Part B of the Budget speech, which contains tax proposals, could bring half-yearly estimates of service, central excise duty and collections from other indirect taxes (excluding customs). India is keen to implement GST on or before September 15, 2017.
Maharashtra has not taken the decision of acquiring of revenue rights of territorial waters easily as the meeting after the decision announced has sent a straightforward indication to all the apex authorities to go down into this matter.
GST Impact on Indian Aviation Sector
The Goods and Service tax have a long way to go as the hurdles are getting in between for quite some time. The dual control issue is still on the hooks for the union authorities as well as GST council can not decide the ultimate fate of this dual control matter.
