Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: cpt :: empanelment :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Service Tax »
 Rules not ready, key e-way bill for GST may be delayed, says top official
 How Goods and Service tax will benefit the nation
 GST implementation may increase expense ratio of fund houses
 GST structure: an unfortunate compromise
 Extension Of Provisional Attachment Under Service Tax Provisins
 How favourable will GST be for Karnataka?
 GST rate impact: Here’s how the new tax can carry a greater punch
 E-way Bill - movement of goods under GST
 How the GST rates will affect your money
 GST: The coming disruption in the wholesale trade
  Ways In Which GST Will Impact The Average Indian’s Wallet

GST biggest tax reform since Independence: official
August, 20th 2016

The Goods and Services Tax is one of the biggest tax reforms since Independence, said K. Balamurugan, Additional Commissioner, Ministry of Finance, Department of Revenue, government of India.

At a session on ‘Goods and Service Act’ organised by the Confederation of Indian Industry (CII) in association with Forum of Free Enterprise and ICSI Mysuru chapter here on Thursday, he said, “GST is set to be rolled out. It is a 10-year journey. It is one of the biggest tax reforms we are undertaking after Independence … it will take time to streamline as well.

“Once it is implemented, which is expected to be from April next year, one will have a lot of work to do … but he/she is not going to do anything new. It will be same work and same numbers. The government will be getting the same revenue what it is getting now. It is a hugely beneficial reform which will cut both transaction costs and double taxation,” he said.

The GST will not have any problem for those who are paying tax sincerely but it will affect those who are not paying properly, he said. “Almost everything will be the same … but we will be changing the nomenclature. The processes are going to be the same …,” he said.

“Everything will happen at the click of a button. For GST, industries should be well equipped with IT infrastructure,” added Mr. Balamurugan.

Filing tax returns
K.V. Satya Prakash, Additional Commissioner, Commercial Taxes, Government of Karnataka, “Under GST, filing of tax returns will be online and one can file it through their credit cards.”

Creating awareness about GST is the need of the hour, he said, and added that the awareness and training for not only staff but also for stakeholders was equally important.

Ravi Prasad, Joint Commissioner, Commercial Taxes, government of Karnataka, also briefed about GST. He also responded to queries on the occasion.

N. Muthukumar, chairman, CII, said the manufacturing sector was expected to be a huge beneficiary of GST.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions