Dear Frndz, Hope you are enjoying the updates as well as readying yourself and your organisation for GST. Do let us know if you need any assistance. Below are some very key updates since last weekend:
- The five legislations (namely Compensation Law, I-GST, C-GST, S-GST Law & UT-GST Law) were to be taken up in the cabinet meeting scheduled today (They were already approved by GST Council earlier). We are still waiting for the meeting updates and will let you know once it is disclosed by the ministry
- Selected Service Industries might have Centralised Assessment:
- The goods and services tax (GST) council is considering setting up a centralized assessment interface for service-oriented industries such as banking, telecom, insurance and information technology, as confirmed by official connected with GST Council
- The move will potentially lessen the burden on taxpayers operating in these industries who are required to register in every state they operate.
- Earlier various service industries and government departments had made specific presentations to the council pushing for single registration.
- This potential move to make the assessment in GST regime simpler
- PM Modi on GST :
- “I want the entire country to discuss and try to understand GST,” Modi said at the India Today Conclave through video conferencing.
- “In GST, the entire process has been reached by consensus; the states have taken ownership. It is an example of cooperative federalism,he added.
- The professionals would have a wonderful opportunities in compliance team under GST regime. It is the time for the youngsters to grab this opportunity and gain some basic knowledge about technology and the Model Law to get started.
That’s it for today. We are the only portal in India to bring all the updates in the country together in the crisp manner for everyone. Hope you liked the updates. We are here to serve you. Do write us your valuable feedback!!