Here are some very interesting updates from all across India on the most hot topic GST:
- 10 Groups formed by the Government to examine the issues in specific sectors and report back by 10th April
- This is a great move by the government to ensure smooth transition.
- The focus would be on specific sectors like banking, finance and insurance, telecom, exports, IT/ITeS (information technology enabled services), transport and logistics, textiles, MSMEs (micro, small and medium enterprises), oil and gas, gems and Jewelry, and services received and provided by the government.
- The primary focus of this group would be on procedural simplifications and the rate structure
- These sectors get another chance to clear/resolve some of their concerns in the Biggest Tax reform.
CBEC to become CBIC :
- In GST Era, the Apex body, ”The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval,” a Finance Ministry statement said.
- CBIC would supervise the work of all its field formations and directorates and assist the government in policy making in relation to GST, continuing central excise levy and customs functions.
- The existing training establishment, would be renamed as National Academy of Customs, Indirect Taxes and Narcotics will have an all-India presence, to enable capacity building to the employees of the indirect tax administration of the Centre as well as of the State Governments and to members of Trade and Industry.
That’s it for today, hope you enjoyed enriching yourselves with the latest developments on GST. Do keep reading our posts to stay updated and confident! Please write us your valuable feedback. Thanks!!