News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
News Headlines »
 5 Things You Should Know About Tax Filing
 Changes to Form-16, ITR and their impact on tax filing
  How to fill salary details in ITR-1 for FY 2018-19
  Income tax (4th Amendment) Rules 2019
 Here are all the changes in ITR form for FY 2019-20 Income Tax return filing
 How to fill salary details in ITR-1 for FY 2018-19
 Step-by-step process to file income tax return online ITR filing FY19
  Order under section 119 of the Income-tax Act, 1961
  Things to keep in mind while filing ITR
 Here's how the new Form 16 will change income tax return filing this year
 Things you must keep in mind while filing income tax returns this year

GST: Get set for tomorrow
June, 30th 2017

India is bracing with tense anticipation for the inauguration of the goods and services tax (GST), which is expected to rewrite the rules of business, while reducing the burden on the common man.

GST is billed to integrate India into a common market, bigger than the European Union. Proponents say that by doing away with the plethora of taxes and barriers on state borders, GST will accelerate economic growth.
But while the promise is enticing, apprehension of disruption has been straining the nerves of policymakers, and businessmen, both large and small.

The Centre has ignored calls to postpone the launch by at least a few months and chosen to press ahead with it. The high-profile midnight launch in the Central Hall of Parliament has certainly raised the stakes for the government.
However, the government is seeking to buffer the initial bumps, which, it concedes, can't be avoided because of the scale of the task and the size of the country.

With rule-making on GST going on till the last minute, the government has already eased rules - from introduction of an electronic way bill or a border pass, to filing requirements and the need to deduct tax paid to vendors by government departments and e-commerce companies.

The spreadsheet that will enable companies and firms to maintain electronic accounts, along with invoices, is yet to be released by GST Network, the not-for-profit company providing the technology platform. It will only be released on Friday.

The very same saffronized party in 2010, opposed imposition of GST and afterwards Aadhar vociferously. Now they had taken "U" Turn Aasana as instructed in Yoga lessons.
Sheik Mohamed

SEE ALL COMMENTSADD COMMENT
With negotiations to finalise the structure going on till a fortnight ago (in fact, some rules will be cleared only on Friday, hours before the launch), even the requirement for businesses to register before the new regime kicks in has been relaxed. Now, suppliers can register till July-end. But the government reckons that most businesses are already registered as over 66 lakh of the 80 lakh traders, firms and companies have now registered on the portal operated by GSTN.

Businesses, however, complain of several glitches and confusion. Several large companies have virtually shut down operations as they transition to a new regime and update their software and invoicing systems.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions