Poonam Hotwani (Ex-Employee)

After the execution of Goods and Services Tax (GST) since 1st July across the country, the commerce ministry has arranged 60- outreach programs for members of trade and industry for solving issues related to the new indirect tax regime according to the official.

According to a Morgan Stanley Report, it is revealed that after the introduction of Goods and Services Tax Regime (GST) has made a reduction in India’s Inc net income for the first quarter of 2017. Since five quarters, the net profit growth of the nation reduced by 11 percent.

According to the survey conducted by the road transport and highways ministry, it was found that after the introduction of Goods and Services Tax (GST) across the country, transport industry and truck owners will be saving approximately Rs 30,000 crore yearly.

The Goods and Services Tax (GST) touted as the biggest tax reform since Independence came into effect from 1st July across the country.

Arjun Ram Meghwal, Minister of State for Finance and Corporate Affairs said that The Central Government is looking to reduce the tax slab rates in the newly implemented GST Regime.

Nitin Gadkari, Road Minister has written a letter to Union Finance Minister Arun Jaitley to review the higher taxation rates on alternative fuels such as biodiesel and ethanol, in the light of new regime.

The Central Board of Excise and Customs (CBEC) has clarified the confusion on tax rates of Sarees. The statement stated that whether designer sarees or embroidered, will impose a five percent tax rates under the new Goods and Services Tax (GST).

Food Chain Companies such as Dominos and Pizza Hut who offer freebies to consumers will suffer huge losses due to the implementation of GST as they are required to pay taxes on free items as well. Packaged products and food service provider companies have stopped their ‘buy-one-get-one-free offers’ immediately after the implementation of Goods and Services Tax (GST) from 1st July.