Goods and Services Tax set to complex operations for banks

Several banks and financial organization may be in for a lot of problem as they could just see the complexity in paying taxes growth under the incoming goods and services tax (GST).
As Goods and Services Tax stands today, transactions between two branches of same bank is set to trigger a tax, which could prove to be cumbersome. Indian banks have also reached the government to amend the rules regarding this.

Good and Service Tax (GST) hurdles

At the end of every meeting of the GST Council, hopes that GST would become a law soon growth gradually. After the new meeting of the Council, there were positive vibes all round that implementation of GST on July 1 —which was probable till now — looks eminently possible.
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Good and Service Tax: Ecommerce Companies push for change in TCS clause

With the countdown for the rollout of the Goods and Services Tax drawing near, e-commerce players in India have stepped up impacts to press for a change in the clause providing for tax collection at source (TCS). They have told government representatives of the likely impact of TCS on sellers on their marketplaces and how it will hit low-profit margin categories.
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Small traders not ready for GST, delay roll out till September - CAIT

Traders association Confederation of All India Traders (CAIT) made a case for delaying the roll out of Goods and Services Tax (GST) authority to September 1 as small businesses are not yet ready for it. Nearly 70% of small businesses in the country are yet to adopt digital technology in their business format and as such it is a big challenge for them to computerised themselves in the shortest period, CAIT Secretary General Praveen Khandelwal said.
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Liability linkage provision in GST to reach small traders

A provision in the model goods and services tax (GST) law to ensure the fluent flow of credit and minimise tax pretense could reach small businesses and suppliers by favouring bigger and financially stronger ones.

CBEC asks tax officers to accelerate GST migration

The Revenue Department has expressed "serious concern" over delay in migration of excise and service tax assessees to the new GST authorities and asked field officers to complete the process by March 31.
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Goods and Service tax structure Prepared; how will it impact economy and kinds of sectors

The article of the Constitutional correction Bill on GST has strong the way for introduction of GST in India, likely in H1FY18. The need for Goods and service tax has been felt because under the current indirect tax structure 1) tax barriers have fragmented the Indian market, 2) cascading effects of taxes on cost have made indigenous manufacture less attractive, 3) complex multiple taxes have raised cost of compliance.
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