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The garment traders of Surat in Gujarat are fighting for their survival. While textile and diamond industries have reduced the consumption of goods, unemployment at grass root levels has been a matter of serious concern for more than a year now.

At a time when the Central Government is mulling over granting notional credit to tackle growing exporter woes, a move to allow input tax credit claims on IT export services delivered in collaboration with foreign entities comes as a welcome move just ahead of the new year

The Indian Government has started doing the investigation on financial inclusion as banks and BCs have been facing issues due to 18 percent GST is being levied on these services.

Goods and Services Tax is makings its way to hawala transactions because businesses are claiming ITC that are not able to be matched with the invoices, said West Bengal Finance Minister Amit Mitra.

Currently, the investigation has been done by the tax officials under which the officials have observed that the pharmaceutical companies have claimed the input tax credit (ITC) for free samples being offered by them as a promotional activity.

Narendra Modi said that the process of simplifying the GST (Goods and Services Tax) is going on and the government wants to bring the 99% items to the 18% slab.

GST rate rationalization will be the prime agenda for the 31st GST Council meeting on December 22nd. The Saturday’s meeting might witness 28 percent GST rate on computer screens and power banks slashed to 18 percent.

After implementation of GST, approx. Rs 320 are saved every month by an average Indian household on the purchase of the daily household goods like edible oil, cosmetics and cereals said a finance ministry source mentioning the survey of consumer expenditure data.

According to a senior government official, GST evasion worth Rs 12,000 crore has been recorded in 8 months between April and November.