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The Indian Government has sent letters to Fast Moving Consumer Goods (FMCG) companies and industry stakeholders to revise the MRP on existing stocks and must clearly show the difference that there is a reduction in GST rates has made.
Every year India International Trade Fair Event is conducted in the Pragati Maidan in New Delhi, this year is the 37th anniversary. The event started from 14th November will continue till 27th November, is open for the general public.
After the reduction of tax rates nearly on 300 items in last GST council meeting, now the government is planning to bring some changes in the rules, procedures and regulations under GST to simplify the procedures for taxpayers and businesses.
After the implementation of complex Goods and Services Tax (GST) Regime in India, now the Narendra Modi Government is working on bringing changes in respect of the direct tax.
The new decision was taken by the government which provides relaxation in intervals of filing returns. Furthermore, the GST Council made the tax filing process easier for businesses, which has to lessen the businesses of both, GST Suvidha providers (GSPs) and Assisted Suvidha providers (AGSPs). The new move is beneficial only for the SMEs and businesses.
Daily-use household items now become cheaper after the reduction of tax rates in 23rd GST Council Meeting. In the last meeting of GST Council, the tax rates have been reduced by the GST council nearly on 200 items.
It is pre-assumed that Indian consumers will be getting big benefits with the next round of GST rate rejig. According to the reports, it is anticipated that the government may reduce the tax rates on white goods such as refrigerators, washing machines in the next round of GST Council Meeting.
According to the report, In 23rd GST Council Meeting, the Council had decided to lower tax rates nearly on 200 items could bring down inflation by 20 basis points from the current level, based on lower food and beverage prices.
Demonetization and GST implementation are the two greater moves taken by the government which has a positive impact on the environment.