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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.
In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
The Union Finance Minister Arun Jaitley has given an unusual hint towards the legislation process and directed the budget session currently active to pass the goods and service related drafts and legislatures in reference to garner the benefits and revenue of indirect taxes as it will discard the rights of centre and states to collect the taxes after the deadline of September 15.
The GST is around the corner and the very few can ascertain that a new law has been incorporated i.e. Union Territories GST (UTGST). The GST council has included the UTGST in order to complete the constitutional obligation which says The Constitution (One Hundred and first Amendment) Act, 2016
The goods and service tax was always seen as the messiah of nations economy as it is the one nation one tax regime for the businesses running here in the country. Thoughts over this tax regime were always ambitious but as the time is passing frequently, the industry bodies and various business units have come out from the shell to regard the GST, a very hard to comply taxation scheme.
The problems of Indian Telecom sector is about to risen up after the implementation of Goods and Service Tax in July. The industry is currently operating in 22 licensed service areas, which will then have to face multiple jurisdictions while paying GST. To avoid this issue, the industry wants to be taxed after the collection of the revenues at one place, just like banks.
