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GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
Confederation of Indian Industry (CII) expressed its concerns regarding the Economic growth and laid emphasis on a settled GST. CII explained thoroughly that a settled GST would result in the improvement of Creditability and also in capacity expansion by an increment in infrastructure investment and these are amongst the seven key drivers that would help the Indian Economy grow by 7.5% next year.
Demonetisation was a bold move in a predominantly cash dependent Indian Economy. But a recent report on the effects of demonetization to a parliamentary committee by the Union Agriculture Minister will put to rest all claims made by the current government regarding the success of the move.
The execution of the GST was a ‘monumental reform’ which disturbed the economic growth for only two quarters, Finance Minister Arun Jaitley said replying the ‘cynics and critics’ who criticized it for affecting the growth of GDP.
According to a national tax leader at a reputed financial service providing company, there is an increase in direct tax as Goods and Services Tax (GST) has not given returns as the way it was expected.
In a statement released by the Central Board of Direct Taxes (CBDT), it was revealed that there has been a growth of 80 percent in the number of income tax return (ITR) filers in the past 4 years.
Not so long ago, India celebrated 100% electrification of villages. A great feat indeed considering the fact we are a fairly developing nation with a robust GDP.
For starters, a trade deficit is a measure of a particular country’s trade balance i.e the value of a country’s exports and its imports.
The home minister Rajnath Singh has assured that the central government is still open to consider any GST rate reduction in the view of recent 28th GST council meeting decisions.
