The manufacturing industries (larger and medium) nowadays stick to their core competencies and get most jobs done on job work basis. Some concerns go in for contract manufacturing in which case the processor becomes a vendor and job work does not apply.
One of the much talked about feature of the proposed Goods and Service Tax Law (GST) is – seamless input credit. If this theme is followed in its true spirit, GST would be nearer to the concept as propagated and if not, it may significantly dent the expectations of the masses.
GST is a significant tax and game changing reform for the Indian economy. From an origin based taxation system to a destination based one, businesses have to overthrow the challenges to gain the benefits that the GST regime has proposed to extend.
On 14th June 2016‘Model law of GST was made available in public domain. After the passage of Goods and Services Tax (GST)Constitutional Amendment Act in Rajya Sabha, President Pranab Mukherjee gave assent to the GST Billon 8th September 2016, which will eventually make GST areality.
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