GST provisional registrations has now started. The work of GST has come to a standstill in parliament due to discussion about old notes. Then why did GST provisional registrations get started now. For whom is it and how is it to be done?
Presently everybody is discussing about the government’s decision of demonetization and its effect. The decision has made people confused as to whether their Rs.500 and Rs.1000 notes are an asset or liability.
Arjuna (Fictional Character): Krishna,Rs.500 and Rs.1000 notes have ceased to be a valid tender for legal transactions from midnight of 8th November 2016. This has resulted in a huge impact on cash transactions. Its true that pay tax and relax.
GST rates have been finalized in the GST council meeting held on 3rd November 2016. What are these rates and what is its impact?
Wherever Laxmiji stays growth is always there. Government should get tax revenue in the form of GST for financial growth of the country that may be the prayer of finance department.
In Income tax biggest cracker is the cracker that explodes in 6 different ways, we call it as Six Shots and that cracker is of SEARCH OR RAID.
As per the GST law, the supply will determine the levy of tax. The definition of supply is most important in the law of GST. Also, there has been a debate on the levy of tax on goods and services. Currently, VAT is levied on goods and Service Tax is levied on services. But many goods and services are inseparable, and then there is a debate about who will levy tax and also there are litigations on this.
Krishna, nowadays income tax department is conducting survey, raids, etc. almost everywhere. Because of this, confusion is arising among people. What is its intention? Please give details about it.
Krishna, the opportunity for disclosing black money will end on 30th September 2016. Also, the income tax department is carrying on survey, raid on the taxpayers evading tax. Also the department is conducting inquiry and collecting information from financial institutions, banks, co-operative banks, etc..
Because of GST there will be extreme changes in Taxation in our country. All the indirect taxes will come on equal platform. As everywhere movement in GST is seen, it is expected that GST will come soon. Understanding various concepts of GST is very important. We go at many place and see Ganpatis and different views, like that today we will see different views of GST.
