Venkaiah allay fears on GST, says it is a revolutionary reform

Mumbai city news

Showing concern on the possible impact on Goods and Services Tax (GST) imposed by the Indian government, a high level government team is holding talks with the Indian government officials on Tuesday. The app has been made available for Android platform and will soon be made available for iOS.

The Shipping Ministry in an appeal before the GST council has asked for an exemption under the newly implemented Goods and Services Tax (GST). The Ministry further elaborated that using the app a taxpayer can search for applicable CGST, SGST, UTGST rate and compensation cess on a supply under the new indirect tax regime. "It can be downloaded on any smart phone and can work in offline mode, once downloaded", informed ministry in a press release.

The Finance Ministry also said that Input Tax Credit (ITC) Scheme under GST does not allow ITC of membership of a club, health and fitness centre.

"Supply by an employer to an employee in terms of contractual agreement entered into between employer & employee, will not be subjected to GST, " the ministry added.

Stocks Steady After Release of Fed Minutes
After that meeting, the Fed announced it planned to start reducing the balance sheet sometime this year but provided no timetable. Meanwhile, U.S. officials will soon confront the challenge of raising the debt ceiling to continue to fund the government.

Before the launch, Hasmukh Adhia is the Revenue Secretary, and the Arun Jaitley who is the Finance Minister checked the mobile app.

After Pune and Delhi University incorporated GST, the new tax regime, in their commerce courses; now students of UP university and colleges will also be taught the same in commerce courses in order to create a workforce of GST ready trained professional. GST Mobile application has been propelled to give the precise data about the expense rates under GSt (Goods and Services Tax). Here are the steps to find GST rates levied on various goods and services.

For instance, users can cross check their hotel or restaurant bill against the GST rate charged.

According to the traders and freight forwarders, the authority at the Kolkata Port earlier used to impose 15 percent logistic service charge on goods imported from third countries.

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