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The latest GST council gatherings have missed the mark regarding desire as the absence of agreement on the issue of tax organization or ‘double control’ implies that April 1, 2017, due date for GST usage looks unachievable.
An announced for all the 2.1 lakh dealers in the State and about 28,000 in the capital city of Visakhapatnam, made by the central government to register dealers under the Goods and Services Tax Act (GST), by January 15, 2017.
Without uncertainty, the initiation of GST has ended up being the most critical and extensive taxation change that India has ever observed.
The case related to GST would be subjected to every state which India occupies in its reign, and the J&K is not untouched from this. As the state has subjected GST and also Jammu and Kashmir government has shaped an higher state board of trustees to investigate the issues, including the drafting of enactment, relating to joining the Centre’s proposed Goods and Services Tax (GST) and requested that the board present must report in three months.
The GST has been discussed worthwhile from every angle and aspect proving it to be the fruitful taxation regime of all time but along with it, there are various hurdles coming on its way in its implementation. Previous day West Bengal Finance Minister Amit Mitra was seen discontented with the timing of the implementation of GST on which the Union finance minister Arun Jaitley has given an adamant reply.
BCCI in an act of timely response has thrown a meeting around various zones of Kolkata, Chennai, Delhi latest of which held in Mumbai. The board is looking for upcoming GST regime in a healthy manner and has started the preparations to be done before the significant implications fall upon.
Goods and Service Tax will be having a tough time to sail through the economic corridors as the prime minister is seeking different ways to wipe out all the black money from the country. The decision to demonetize all the high-value currency notes have taken a big hit over the hoarders who were building a set of conspicuous plans against the economy and its growth.
According to Japanese financial services major Nomura, Goods and Services Tax (GST) benefits are likely to increase over time and in the long run the indirect tax regime with strengthen tax revenues, boost economic growth. The benefits are expected to be substantial, predicts Nomura.
Goods and Service Tax rate got its final rates yesterday with the multi-tiered structure of 5,12,18,28 percent and with this announcement, Goa government has come up with a special meeting to discuss the implementation of GST in the state.
