Dear Friends, Here are some key updates for all of you in the GST world of India:
- Today FM Arun Jaitley said below key points related to GST:
- “The biggest taxation reform what we are trying to implement from July 1 is Goods and Services Tax . It will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient”
- A new nationwide goods and services tax (GST) will be rolled out from July 1 to create one of the world’s biggest single markets, make commodities cheaper and make tax evasion difficult
- In order to cope of with the GST Law in the initial few months, the E Commerce companies like Amazon and Flipkart to sell their products in the offline market, Said by industry expert
- Saugata Bhattacharya, Economist – Axis Bank said in one of his interview’s to the leading newspaper that as fare as IT infrastructure is concerned, almost 90% of companies in India are very ill prepared for the shift to GST. This gives spell bound opportunities to Indian IT companies for computerization,which will lead to increase in employment opportunities
- Gopal Pillai, Director and GM (Seller Services), Amazon India told one of the leading news channel that, “By building a dedicated A-Z GST Guide portal, which is open to anyone visiting the platform and not just the Amazon sellers, the company has been educating visitors on the nuances of GST”.
- Currently in the pilot phase, Amazon claims to have trained over 5,000 sellers across the country on the A-Z GST Guide.
- The programme will provide resources in the form of tutorials, blogs, and free online training sessions on the portal.
- Sellers will also be provided with access to paid professional support and expert advice from third-party service providers.
- Oil and gas producers like Oil and Natural Gas Corporation Ltd. and Oil India Ltd. (Both producers of upstream oil) will face “substantial additional tax” liability under the proposed goods and services tax (GST) regime due to the reduction/elimination of existing tax breaks, a higher tax rate on services & the temporary exclusion of five hydrocarbons fuels from the new indirect tax system, a parliamentary panel has reported.
That’s it for today, we hope you enjoyed updating yourself on GST in India. Do let us know for your valuable feedback! Have a great time, Cheers!!