Deependar Singh (Ex-Employee)

Hence, traders and business owners are now setting aside funds to cover risks and ensure frictionless business operations which in all probability may be hampered by the freezing of their input tax credits.

The biggest tax reform in the history of Indian Taxation was rolled out on the midnight of July, 1st 2018. It has been more than 8 months since then and slowly but steadily we are seeing the after effects. More than 68,000 companies have been registered during the period.

Finally, the 29 Indian States, it seems, has come to a mutual agreement on bringing petroleum-based products under the Goods and Services Tax (GST) radar.

The state of Uttar Pradesh has secured the second spot in the list of most registered traders in the country. In addition to this, the largest state in India by population has bagged the third spot for the most number of GST returns filed.

The domestic sales for passenger automobile vehicles have grown by leaps and bounds. However, the export figures for passenger vehicles are in sharp contrast to those of the domestic sales.

The GST heatwave has hit local cooler makers and traders hard this summer. The reason for this is that GST has left little difference between the prices branded and unbranded coolers.

The UPA Government during the erstwhile VAT Tax regime had approved for tax exemptions to the suppliers of major FMCG Companies.