GST is defined as any tax on supply of goods and services other than on alcohol for human consumption. In simple words, it is one implied tax for the whole nation which will make India one allied market.
GST as being subjected by the government will be one single tax on the supply of goods and services, right from the manufacturer to the consumer.
What we need to understand, in a country like India, will GST be an actual reality or with the scheme of things going around it, will get bogged down at an attempt at being almost famous.
The Centre and states made serious headlines on the path towards rollout of goods and services tax (GST) when they cleared the bulk of laws for central and state GST. But the April 1, 2017, deadline for implementation of the country’s biggest indirect tax reform thus far remains government’s biggest jigsaw puzzle to be solved on the rapacious issue of division of administration.
“I am trying my best to do that....left to myself I would like to do that,” Finance Minister Arun Jaitley said when asked if the April 1 2017 deadline can be met. He, however, pointed out that “reasonable headway” had been made.
The Roadmap has been laid. The government is making sincere progress. The two main pieces of the jigsaw which are (1) I-GST and dual empowerment issue (2) The legally audited language will be placed on the desk to be solved in the next meeting on January 3-4.
The GST Council seems to have made valuable progress in terms of approving the CGST and compensation laws.For now, we all should welcome this brave step by the government towards one unified India and it is advisable for all the industries to plan their transition to this new GST regime in advance to enable no business disruptions and managing opportunities to generate values by plugging leakages in the current infamous tax laws.
Also Read : Black Money Holders Get Last Chance To Disclose Till March 2017
GST as being subjected by the government will be one single tax on the supply of goods and services, right from the manufacturer to the consumer.
The Centre and states made serious headlines on the path towards rollout of goods and services tax (GST) when they cleared the bulk of laws for central and state GST. But the April 1, 2017, deadline for implementation of the country’s biggest indirect tax reform thus far remains government’s biggest jigsaw puzzle to be solved on the rapacious issue of division of administration.
“I am trying my best to do that....left to myself I would like to do that,” Finance Minister Arun Jaitley said when asked if the April 1 2017 deadline can be met. He, however, pointed out that “reasonable headway” had been made.
The Roadmap has been laid. The government is making sincere progress. The two main pieces of the jigsaw which are (1) I-GST and dual empowerment issue (2) The legally audited language will be placed on the desk to be solved in the next meeting on January 3-4.
The GST Council seems to have made valuable progress in terms of approving the CGST and compensation laws.For now, we all should welcome this brave step by the government towards one unified India and it is advisable for all the industries to plan their transition to this new GST regime in advance to enable no business disruptions and managing opportunities to generate values by plugging leakages in the current infamous tax laws.
Also Read : Black Money Holders Get Last Chance To Disclose Till March 2017
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