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The composition levy scheme is an optional scheme for small taxpayers to reduce their tax burden in the easiest, legal and convenient way. It is a voluntary scheme by the Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike […]
Most of the daily labourers are in deep problems after the implementation of goods and services tax as well as of Demonetisation and are still finding hard to get work and cash in Kerala state.
The restaurant industry in Mumbai and Bengaluru feels good after the implementation of Goods and Services Tax (GST) and has been largely positive.
The implementation of Goods and Services Tax (GST) Regime is definitely a favorable step for the country in terms of economic growth as a whole.
Adverse effects of GST(Goods and Services) regime can be clearly seen over handicraft industries. Census data says there is a huge downfall in handicraft industry from 1996 to 2010. The growth has slashed by approx. 53% which is a drastic price change we can see on hand-made products. Apart from this, the new tax framework also intercepting the growth of the industry.
Goods and Services Tax (GST), biggest tax reform since Independence has been finally implemented across the country from 1st July. On one hand, Government has exempted education sector till higher secondary in the new regime while on another hand coaching classes, certification courses, training programs have been placed in the slab rate of 18 percent.
GST (Goods and Service Tax) is one of the biggest tax reforms since Independence in India and it is going to roll- out from 1st July. Several businesses and industries are not readily prepared for the new indirect taxation regime.
The government of India brought some agriculture portion under GST regime like contractual farming from which big retail chains & Quick service restaurants (QSRs) may see their impact as they provide contracts to a farmer for growing specific agricultural products which directly sold by them in malls would now attract GST.
GST impact on electronics industry is slightly negative as there are many products which are liable to be under lesser tax slab but still reeling under heavy tax pressure.
