The proposed Goods and Services (GST) tax regime is all set to bring in the biggest business reform as stated by a tax expert.
GST is just not tax reform, but it is going to bring the biggest business reform stated by A2Z Taxcorp Executive Director Bimal Jain at Bharat Chamber of Commerce-organized interaction on GST draft law.
Jain also called upon the industry to prepare the sector wise concerns seriously.
Referring to various concerns of a few sectors on the issue, Jain motive was that unless these are corrected they may have to suffer, besides highlighting the benefits of GST.
Service Tax Chief Commissioner (Kolkata) S K Panda stated that concerns should be pointed out quickly to the government so that those can be taken into consideration when the final legislation is drafted.
Panda stated that he has risen at numerous locations of the draft; the word service is missing instead of the goods and services tax.
Panda stated that he does not know whether it is deliberate or mistake. He has already raised it.
Meanwhile, BCC President Rakesh Shah stated that the government should offer a flat rate of credit for closing the stock for those not registered with the excise.
He even stated that according to the draft GST those not registered with the excise cannot claim stock credit.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
Write a comment
Your email adddress will not be published. Required fields are marked