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For the Initial months, there has been a rise in inflation after the implementation of Goods and Services Tax from 1st July across the country. Just for the example, from past five months, the wholesale inflation has been continuously dropping and has enhanced to 1.88 percent in the month of July whereas retail inflation extended to 2.36 percent in July.
The GST is considered to be the biggest and most impactful tax regime in the Indian taxation industry as it is supposed to eradicate the leap of indirect taxes currently prevailing in the country.
The Goods and service tax is under a very heavy pressure to improve and get ready for its upcoming rollout. Struggling with issues like poor internet connectivity service for the integration of the tax data framework to the low performing software from the government which it seems unable to handle a staggering amount of 3.5 billion invoices per month, all has to be resolved under a meager amount of time.
Goods and Service tax has come a long way into the middle of the economy and its working, as the majority of the politicians are assuring that the GST can be actualized in April. Earlier it was speculated that there can be little delay in the implementation but now with a responsible person giving a gesture of GST, one can assume the April deadline also.
The West Bengal government said that the take off of Goods and Services Tax ought to be conceded in perspective of the enormous destabilizing move of demonetization till the economy was back on track.
Union FM Arun Jaitley on Friday said that there is a sacred impulse to execute the Goods and Services Tax (GST) inside its due date, and its usage can not be deferred past September 2017.
The GST portal has introduced a new section, “Import of Goods,” in its IMS system. Moving forward, when a taxpayer files a Bill of Entry (BoE) for imported items, including those from Special Economic Zones (SEZs), the relevant information will be available in the system. This upgrade facilitates enhanced management and monitoring of all imported […]
The updated move of the government for fast-track GST refunds has been welcomed by the healthcare and medical device industry of India. However, it asked that the next big step is to extend refund eligibility to input services as well as capital goods required to get full tax neutrality and facilitate liquidity challenges encountered by […]
The Retail Distribution Chemists Alliance (RDCA) in Delhi, with the introduction of GST 2.0 scheduled for September 22, 2025, has raised concerns for the financial burden the transition will place on pharmaceutical distributors and retailers. RDCA president Sandeep Nangia has requested urgent support from pharmaceutical partners to ensure a smooth transition and uninterrupted medicine supply. […]
