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India on a strict basis made a strict denial to the California-based technological firm Apple Inc in reference with their demands of various exemptions exceeding the government’s norms and rules. The Apple was sorting out to install a manufacturing hub in the south Asian country and for this, the organization was questioning the Indian government to grant some exemptions on imported parts that are used in the assembling process.
As the nation is very well aware of Union cabinet approving four GST legislation bills and being in the queue for to be presented in the parliament. In the current session of the budget, the finance minister Arun Jaitley expressed his views on the GST effect and positively said that the upcoming Goods and service tax will definitely collaborate the market as a global single market and will also reduce the prices of commodities making tax evasions difficult in the sidelines.
Goods and Service Tax is well ahead of many other significant issues currently running through the ministry and Parliament business and one thing industry expert are sure about is that GST will bring along some benefits including tax collection growth on the sidelines of implementation.
The Union cabinet finally approved the long-awaited GST draft bills in a meeting held in favor of India’s upcoming taxation regime, and now the remaining task is to get it approved in the Parliament as soon as possible. A total of four draft legislations are supposed to be introduced as money bills in the parliament i.e. the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST) after the approval of Union cabinet and earlier got approved in the meeting of GST council.
Finland in a turn for a good faith has come up-front in the middle of the GST talks and discussion, to quickly see the benefits and implementation into the financial structure of the nation. The Finnish country is very much delighted to see the rise of new taxation regime as the nation is sure of its outcome in a certain positive manner.
The legislature has proposed subsidy up to Rs. 1 lakh for micro and small enterprises to urge them to utilize cloud computing for information and correspondences innovation applications
Earlier, the farm activities were the safe and raised occupation of the nation among the farming community and recently, the GST which is approaching at an accelerating speed has given some thoughts and ideas to include the farm practice under GST.
The GST still on the way and the companies with bigger and better brand image and full-size manufacturing units are calling for lowered price tags by the vendors to comply with the newly incorporated Anti profiteering clause. The new provision is set to pass the benefits of lowered taxes to the consumers and not to the manufacturers.
The speculations are very high and recently it seems that keeping up the rhythm for the highly anticipated Goods and Services Tax (GST) against the scenery of the vital Uttar Pradesh Assembly elections, sources in the Finance Ministry said the bill will be introduced before the Cabinet on March 22.
