Wednesday, 20 February, 2019
  • Sci-tech
  • India Enters into 'One Nation-One Tax' GST Regime

India Enters into 'One Nation-One Tax' GST Regime

Lesser talktime higher phone bills under GST regime India Enters into 'One Nation-One Tax' GST Regime
Clarence Schmidt | 02 July, 2017, 01:14

The Indian industry stakeholders on Friday congratulated Prime Minister Narendra Modi-led National Democratic Alliance government on the roll-out of the historic Goods and Services Tax (GST) from midnight of June 30, 2017, and said industry is fully prepared for it. He said that GST was a shining example of cooperative federalism.

He said that the GST may be a destination tax but for India it will begin altogether a new journey.

CBEC in advertisements said single tax GST will bring down prices for most household.

All India ITR summarizes that the upcoming GST Law will have its own sets of pros and cons - many necessities will get cheaper but in the meanwhile, the rest of the necessities that falls under the higher GST tax rate bracket will ultimately cause a discomfort in the household budget.

The new tax replaces a maze of state and provincial taxes and cess, unifying a country of 1.3 billion people into one of the world's biggest common markets. It is a co-incidence that the Gita has 18 chapters and after 18 meetings, GST became a reality, he said. "Prices may go up for a few items but prices of maximum items will either go down or remain unchanged", said Jaitley, adding that every businessman will have to file only one return by 10th of every month after which the computer software will automatically generate the rest of the reports.

"Mumbai: "Vikrikar Bhavan", headquarters of Maharashtra government's erstwhile Sales Tax department, was on Saturday renamed as 'GST Bhavan" as the new tax regime rolled out. But now, a trader with turnover of Rs 20-75 lakh will have to pay 2.5 per cent tax. "In the months to come, based on the experience of actual implementation, the GST Council and the Central and state governments should continuously review the design and make improvements, in the same constructive spirit as has been displayed till now", he said. "It will bring in transparency, help cut tax evasion and benefit honest taxpayers", Adhia said.

Non-AC eateries will charge 12% against GST on your total bill. It is expected that by doing away with the plethora of taxes and barriers on state borders, GST will accelerate economic growth.

A total 80 lakh people - less than 1 per cent of the total population - were registered in indirect taxation under the three important categories - Service Tax, Value Added Tax and Excise Duty, Arun Jaitley said.

"Inspector raj will end after GST, as refunds will be automated", the Secretary said in the discussion on the GST and the digital economy.

An executive for logistics company Rivigo in Mumbai, who declined to be named, told AFP clients had asked them to ensure that the goods reached their warehouses before midnight when the new tax would kick in. With higher input tax credit, prices of most goods may reduce, but services, majority taxed at 18 per cent, could become more expensive.

Andy Murray aims to be fighting fit for Wimbledon defence

Recommended

  • Walker supports Johnson opposition to health care bill

    In 2017, the average deductible for a silver plan is just under $3,600, according to Health Pocket, an insurance shopping site. His company was not one of the 10 that wrote to the Senate leaders, but he said Friday that he was also opposed to the bill.

    Boeing wins Paris order title as Airbus's Leahy announces retirement

    For the first time, it lumped these models with large two-engined jets such as the Boeing 777 and the largest Airbus A350. Prior to the lease and the new orders placed to Boeing , Blue Air operated a fleet of 25 Boeing 737 aircraft.
    27 towers fail fire safety checks in Britain, hundreds evacuated

    27 towers fail fire safety checks in Britain, hundreds evacuated

    The government will work with local authorities to make sure any unsafe material is removed and residents are safe, she said . Specifics on where the buildings were located were not given, but officials said they were in 15 council areas.

  • Andy Murray aims to be fighting fit for Wimbledon defence

    On Thursday, Murray revealed he wouldn t play his second exhibition on Friday because he wanted to continue resting his hip. But Federer says Murray is experienced enough on grass to be able to quickly adapt to the unique demands on the surface.
    Plagued by airbag recall, Takata files for bankruptcy

    Plagued by airbag recall, Takata files for bankruptcy

    Drowning in a sea of lawsuits and recall costs, Japanese air bag maker Takata Corp.is expected to seek bankruptcy. With only 22 percent of the unsafe airbags repaired, it leaves roughly 54 million still on the road in the U.S.
    US Congressman Scalise Showing Improvement After Being Shot — Lead Surgeon

    US Congressman Scalise Showing Improvement After Being Shot — Lead Surgeon

    The timing - early in the morning - and the targets - seemingly Republican elected leaders - make this crime even more insidious. At a press conference, President Trump says that wounded Scalise's condition is more hard than people first realized.

  • Colorado baker disputes anti-discrimination law

    The opinions expressed in this article are exclusively those of the author and are not necessarily those of World Religion News. Craig and Mullins were legally Wednesday in MA , because Colorado had not legalized same-sax marriage until 2014.
    Google to stop reading your Gmail to help sell adds

    Google to stop reading your Gmail to help sell adds

    Google is stopping one of the most controversial advertising formats: ads inside Gmail that scan users' e-mail contents. Google had been scanning through what Gmail users were discussing and then showing ads connected to some of the topics.

    Devils on the clock with No. 1 pick in NHL draft

    The draft did see a record number of Finnish first rounders (six) as well as the highest ever pick from France, Alexandre Texier. It will be very interesting to see how well he does or where he fits in on the Florida roster with Barkov and Huberdeau there.

  • Global shares fall on Fed rate hike, UK rate outlook

    Not all observers agree though and plenty are sticking with the view that a further Fed rate hike is inevitable later this year. Some gains are expected on Wall Street later, with the futures for both the Dow and S&P 500 up 0.1 percent.

    Transformers tops U.S. box office but is biggest in China

    I did, however, find the amount of swearing in The Last Knight entirely unnecessary for something that should be a kids property. However, the fact that Michael Bay cares about the Transformers as much as Melania loves the Trumpster is infuriating.

    England vs South Africa, 3rd T20I

    But he also showed touch too in flipping leg-spinner Imran Tahir over short fine leg for a four that saw him to fifty. Morris was the most successful bowler with two wickets, while Phehlukwayo and Dane Paterson claimed one wicket each.

WH On-Camera Briefings 'Could Be Cut Back — Ex-CNN Chief WH On-Camera Briefings 'Could Be Cut Back — Ex-CNN Chief Has it been the fake news media? But in recent weeks, he has suggested he may do away with them altogether. Acosta tried to interrupt again, with Spicer attempting to move on.

Air bag maker claims bankruptcy Air bag maker claims bankruptcy As of May 26, only 38 percent of the air bag inflators under recall in the U.S. had been repaired, according to data on the U.S. The Japanese auto parts maker has struggled to stay afloat amid lawsuits and recall costs over its deadly air bag inflators.

England hit by Lauren Winfield injury on eve of Women's World Cup Whoever lift the trophy at Lord's on July 23 will be undisputed winners with the luck of the draw playing no part. Australia and the West Indies will begin their campaigns against each other in Taunton tomorrow.

Brazil's crisis deepens as president Michel Temer accused of corruption Brazil's crisis deepens as president Michel Temer accused of corruption Brazilian President Michel Temer has been charged with accepting bribes by the country's chief prosecutor, a media report said. For Temer to go on trial, the lower house of Congress must first approve Janot's charge by a two-thirds majority.

Baby Doe's mother to be sentenced this week Bond was also charged for helping dispose of Bella's body - and for taking government benefits for her daughter after her death. When the girl stopped screaming, Bond testified that she saw that the girl's head appeared to be swollen and her face was gray.

New study of Seattle's $15 minimum wage says it costs jobs New study of Seattle's $15 minimum wage says it costs jobs In particular, they mischaracterize it as implying that papers tend to show minimum wage hikes do not affect employment. It's not just the scope of the losses, but the losses themselves which are remarkable for the public debate.

China releases Nobel laureate Liu Xiaobo with terminal cancer: lawyer China releases Nobel laureate Liu Xiaobo with terminal cancer: lawyer In 1996, Liu was sentenced to three years of "reeducation-through-labor" as a result of further human rights activities. Liu, 61, is in the late stages of the disease, said Mo Shaoping, his lawyer, who has been in contact with Liu's family.

Hassan Whiteside left off NBA All-Defensive team Hassan Whiteside left off NBA All-Defensive team The 35-year-old led the league in steal percentage (3.1), his second time to lead the league in the category (4.1 in 2014-15). He also became the first player in franchise history to register at least 150 steals and 100 blocked shots in a season.

Not 'That Far Off' From Passing Health Overhaul Not 'That Far Off' From Passing Health Overhaul Sandoval said he would do "everything in my power" to make sure those people can maintain the quality of life they now have. Health and Human Services Secretary Tom Price defended the GOP health care plan Sunday from Republicans opposing the bill.

United States secure first win of America's Cup, trail NZ 4-1 It seemingly doesn't matter to Spithill that Oracle merely cut Team New Zealand's lead to 4-1 in the first-to-seven regatta. Races seven and eight are scheduled for Monday (NZT) where similar wind speeds of 8-10 knots are forecast.

Federer wins Halle Open tennis title Things can happen, things can change, if he has tough matches en route, he might feel it physically in the final. The Czech was playing her fifth match since the stabbing she suffered at her home in Prostejov six months ago.

How to Watch the 2017 BET Awards Past winners include Lionel Richie, Smokey Robinson, James Brown, Gladys Knight, Prince among others. As for the performances, Bruno Mars , DJ Khaled , Big Sean , A$AP Rocky, Lil Wayne , Mary J.

UK: All building cladding samples tested failed fire safety The manufacturer of the insulation used to clad Grenfell Tower said they would stop using the product on high-rise buildings . Look, you've got to err on the side of caution. "In some cases it's possible to take mitigating action", she told Sky news.

Cable vehicle crashes in tourist resort in Kashmir, killing 7 As per former Chief Minister of J&K, Omar Abdullah's tweet ( @abdullah_omar ) this is first-of-its-kind accident in the valley. He said the chief minister also directed a high level inquiry to find the causes or lapses, if any, that led to the accident.

White House paints Handel win as Trump triumph These Democrats might be on to something, especially in light of the way Pelosi figured into the Republican campaign in Georgia. Asked if Pelosi should remain the top House Democratic leader in the next Congress , her number two, Rep.