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GST (Goods and services tax) is a major tax reform implemented in India on 1st July 2017 across all the states. The new tax scheme has subsumed around 17 indirect taxes of both central and state levels. It is said that the goods and services tax will end the currently prevailing cascading effects of taxation […]
The international monetary fund has regarded the goods and services tax of India as the significant tax reform and also considered it to be the milestone reform taken by the government for the betterment of the economy.
In a welcome move by India’s Insurance sector regulator, the IRDAI, a total of 24 schemes due for reinsurance were exempted from the ambit of the GST.
According to critics, GST is badly implemented tax as it is fighting against constant changes in rates and returns. But is it a truth or reality is different or just a self-flagellation from some groups?
We accept that the GST implementation slowly but reduced the drawbacks of the previously formulated tax collecting procedure. The Government is penetrating full-efforts to overcome loopholes in GST mechanism.
Since the genesis of GST, one question that has been thrown at the GST Council from all corners is the impact of GST on petrol and diesel prices.
The definition of job-work already exists in Central Excise and the job-worker plays a major part in Indian economy due to involvement in the processing of input or unfinished goods.
State Government have to deal with two major issues- First one businesses have to stabilize their operations after the implementation of the new indirect tax regime and the second one to introduce 7th Pay Commission for state employees.
Inspired by the launch of Reliance Jio Phone, many Indian telecom operators like Airtel, Vodafone India and others may also soon come up with their own 4G bundled phone offers.
