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As the goods and services tax is approaching towards the nation’s economic heart, many economists and tax experts are believing that the transactional data would soar high after the implementation of goods and service tax in India and will demand the business units to comply with the newly embedded tax regime very attentively and also rigorously.
The government is leaving no stone unturned in the scenario to acquire the mighty powers which will help them to tackle the vast income grounding currently at a peak in the nation. Now the new
On the verge of new taxation regime occupying the nation, there are still some obligations which are to be met before fully realizing goods and service tax in India.
Blue Star, an air conditioning manufacturing giant has revealed that the organization has held a heavy investment of around INR 220 crores in Jammu and Kashmir as the company is in doubt over the continuation of excise duty relaxation after the roll out of goods and service tax.
The GST (Goods and Service Tax) Council is planning to implement its new indirect tax reform in the country by July 1, 2017. Meanwhile, the leading beverages maker Coca-Cola wants the implementation date to be postponed by two months and make it to September 1, 2017.
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
Finland in a turn for a good faith has come up-front in the middle of the GST talks and discussion, to quickly see the benefits and implementation into the financial structure of the nation. The Finnish country is very much delighted to see the rise of new taxation regime as the nation is sure of its outcome in a certain positive manner.
The CBEC chairman is still figuring out the ways in which the GST will disrupt and change the taxation norms but one thing is pretty sure according to him that the taxes will increase a bit from the current rate. CBEC chairman Najib shah mentioned that That is our belief (that the current level of taxation will not lessen at least for first five years. It will be the same, that’s our belief, and it will increase a bit.
The Traders association Confederation of All India Traders (CAIT) has raised an issue against the low level of technological assistant available for the traders across the nation which can combat the upcoming GST prerequisites of the online establishment of the structure.
