Expected Growth Rate 0% Till March 2021 & No GST Rate Cut Possible

Due to corona, another package for the economy which gets canceled is now again launched by the government said by finance secretary Ajay Bhushan. Although he has not stated the time when it will be provided. Indeed he also says that the Indian Economy might reach a 0% growth The biggest tax reform i.e. Goods and Services Tax is now a part of Indian Economy. A new and unified tax structure is followed for indirect taxation rate by March 2021. There is no reduction in the GST rates said the finance secretary stated in the interview with ANI news.

• The finance secretary specifies that we will see the types of relief to any sector of the economy and will implement that independently. We shall assist the industry as what measure is to be taken for the economy.
• The economy is reviving and is enhancing at a sustainable rate, said Pandey.
• The results for October GST have seen higher growth said the finance secretary. There is a rise of 10% to 1,05,155 throughout the previous year. In September there is an increase in the collection.
• The Finance Secretary concludes that if we proceed to arise at the same rate, then by March 2021, then India’s economy will get enhanced from negative to 0.
• In the past 7 months, the government has provided a GST refund Get to know about official GST refund process under GST regime as finalized by the GST Council. We have included terms and conditions of all aspects of Rs 2lakh crore said, Ajay Bhushan Pandey. In the meantime, the government’s income gets reduced while the government does not have any due and refunded it on time
• But as of pandemic the finance secretary has released that now there is a possibility to cut the GST rate. Indeed it is wrongly assumed that reducing the tax rates enhances sales
• While stating when the next package will come the finance secretary declares that he is in no position to say how much time it will take to come to the package while the government is exercising on it for a long time