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SIAM which stands for Society of Indian Automobile Manufacturers is a significant Industry body for automobiles and engine manufacturers in the country.
Sushil Kumar Modi, one of the GST council member said that he supports the GST tax revenue to be stabilized before the ministerial panel decides to further tweak the GST rates or merge the slabs.
Goods and Services Tax (GST) database management system might be used by the Indian government to track the records of income tax filings or tax evaders.
The government certainly reduced Goods and Services Tax (GST) rates on 178 items in the last week, but businesses are searching for some confusing ways to not transmit the profits to the customers.
The positive and negative impacts of the implementation of the Goods & Services Tax in India are visible in almost every major business sector of the country.
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.
Approximately 4.3 million Traders have furnished an initial set of GST returns for October and the record marks the highest monthly return furnishing limit by the last date of the GST implementation.
Goods and services tax has given a growth in both automobile sales as well as oil demand in India due to its taxation structure. The rise in oil demand is attached to the increased sales in passenger cars and utility vehicles after the announcement of GST and its relevant tax rates on automobiles.
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.
