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The rice lovers across India now have to pay a bit more to enjoy their favourite meal, as the profit margins of the branded Basmati rice manufacturers and exporters are expected to face a bit of decrement due to the liable 5% GST implemented from July 1.
GST has been implemented in India and is now making all the businesses compatible with it rapidly. Recently, a new announcement has been made by the GST Network, according to which, every small business across the country with the turnover of up to Rs 75 lakh can opt for composition scheme under Goods and Service Tax regime by July 21.
From 00:00 AM of July 1, 2017, India started a new journey along with a new tax regime under Goods and Service Tax, on which the leading industrialists and top businessmen of the country expressed their support for the sweeping tax reform that is believed to provide a great momentum to the economy of India
The GST (Goods and Service Tax) has been termed as a great reform achievement of the GOI (Government of India) by Takehiko Nakao, the president of Asian Development Bank. But he also suggested that the upcoming tax regime in the country could also cause challenges on account of some factors such as the multiplicity of tax rates.
The central Government bodies of the country are currently working with exporters and importers to prepare them for the upcoming Goods and Service Tax (GST), which is going to be implemented from 1 July 2017 in India.
There are just eight days remaining in the implementation of GST in India, but the oppose for it has still not stopped. Over 70,000 textile shops in more than 165 textile markets in Surat has reportedly been closed for five days from June 24 to 30.
DHL, the logistic services providing company has reportedly planned to invest USD 10 crore in upcoming years in India. Presently, the German logistics company is preparing itself for the upcoming GST along with its customers in India. Notably, the GST is going to be implemented by 1 July 2017.
On Sunday, the GST Council of India, in its 17th official meet gave some relaxation on return filing deadline until September and made the terrific anti-profiteering clause more pleasant. Moreover, the council also approved five set of rules and postponed a decision upon the E-Way Bill rule. The upcoming tax reform (GST) is going to be implemented at midnight on June 30, still, the Jammu and Kashmir, and Kerala are yet to give their approval on it.
The government of India (GOI) has now made Aadhar Card mandatory to open any bank account. As per the recent orders given by the Central Government, every individual will have to show his/her Aadhar Card number to open any new bank account as well as for any transaction of over Rs 50,000.