Friday 14 April 2017

Petroleum Sector Would Be Part Of GST Soon - Oil Minister

Top GST Implementation Consultant In Delhi India

Dharmendra Pradhan, the union Petroleum minister, hoped about the entire Petroleum to be part of the GST. Now, products like Naphtha, Kerosene and LPG, Liquefied petroleum gas come under the GST. 

In the future it is expected that all the five items, natural gas, aviation fuel, crude oil, diesel and petrol that do not come under the GST would also fall under the umbrella of the GST. They expect all these to be part of the GST. This makes the states get perturbed GST Implementation In India as the states will not be able to get the VAT and the service tax. Pradhan however; stated that the GST would be beneficial for the states too. He said this during the ceremony of contract signing for blocks.

CBEC will be renamed and reorganized for GST regime

Due to GST, the CBEC, the central board of Excise and customs, will acquire a rename of CBIC, Central board of indirect customs. For the implementation of the GST, the CBEC, the central board of excise and customs will be reorganized too. All this would happen after the approval of the parliament. Reorganization of the CBIC has already Ind AS Implementation In India acquired an approval from the finance minister, Mr. Arun Jaitley.The reason for the reorganization given by the finance minister is the implementation and the enforcement of the GST laws.

After receiving an approval of the legislature, the renaming of the CBEC has taken place. The responsibilities of CBIC would include supervision of the work of all the formations of the field and directorates and providing assistance to the government in making of the policies associated with the GST.The department would continue the functions of the customs and the central excise levy.

CBIC would comprise of 21 zones, GST taxpayer services commissionerates-101 in totality,768 divisions,15 sub-commission rates,  49 audit commissionerates,3969 ranges and 50 appeals Business Advisory Companies In India commission rates. This would ensure providing the tax payer services to all the taxpayers through a structure of an indirect tax administration, having the presence of PAN India.

For possessing a robust network of the IT, the systems’ directorate general is being strengthened under the CBEC.All this has been decided so that a smooth transaction can be done by the taxpayers under the environment of the GST.

PM expects breakthrough on GST

In the session of the parliament, the prime minister, Narendra Modi stated that he expects a breakthrough on the bill of the GST. He also expects all the issues associated with the International Tax Advisory Services India GST to be discussed in a democratic manner. He added outside the parliament that all the political parties as well as the states have positively cooperated as far as the GST is concerned. 

He also said that moving ahead has been decided by the consent of all and via a democratic process, hoping the completion of the process of the GST before the session concludes the next month. 

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