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The FMCG (fast moving consumer goods), retail, food, and pharmaceutical companies can now sigh in relief because the government have read their minds and clarified that the ITC (Input Tax Credit) will also be applicable for promotional schemes like the ‘buy one get one free’ (BOGO) and with the same price and extra quantity.
The anti-profiteering body held caught off the US pharmaceutical company Abbott Healthcare because the benefits of GST was not given by them to the customers post-GST which was rolled out on July 2017 even after the tax rate reduction in November 2017.
The logistics sector plays a very important role in the growth of a nation and economy. After the implementation of the GST (Goods and Services Tax), the logistics sector of India saw a great growth of $194 billion and it is estimated that, within two years, there will be an increment of $21 billion
Some of the companies who had made mistakes while filing GST form are now trying to rectify it and here it is an example of the same issue.
The import and export clearance takes a minimum of 4 days and in the unfortunate scenario, it takes maximum 10 days. And as per the reports, the estimated average time for import and export clearance is around 5.8 days. Now to give relief to the customs, the government took a big step.
After the rollout of GST (Goods and Services Tax), the accountants and the traders are facing problems in filing the GST and have numerous queries regarding this, especially rural traders because the services to clear the doubts on GST is available in English and Hindi only.
In the upcoming months, it is possible that there might be disputes between the central and the state over GST (Goods and Services Tax) but till now no such cases has come forward. For this not to happen, GST Appellate Tribunal has been created.
The Goods and Services Tax (GST) which was rolled out on 1 July 2017 is a consumption tax which is charged on the supply of goods and services in India. The collection under GST is not able to touch the targets and are falling short of it.
Recently, many of the industries were coming up to demand more and more benefits from the government. Also, the upcoming general elections 2019 is the reason why sectors are emerging to take their share of benefits.