In a statement released today, the RBI said that states have been unable to achieve their gross fiscal targets owing to issues like higher salary expenses, limited revenue after GST implementation and loan waivers being offered to the farmers.
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In a statement released today, the RBI said that states have been unable to achieve their gross fiscal targets owing to issues like higher salary expenses, limited revenue after GST implementation and loan waivers being offered to the farmers.
Amidst rising criticism on the multi-slab tax levied under GST, Prime Minister Narendra Modi in a recent interview to Swarajya magazine put forth his Government’s logic on the same.
The Central Government might reduce the luxury tax slab of 28% on construction items ahead of the 2019 election. The move will be aimed to stimulate the currently dull construction sector.
The Indian GST is a very complex form of indirect tax. The discrepancies in GDP growth and per capita income growth meant that the One Nation One Tax Policy unfolded as a complex fabric of multiple tax slabs intertwined in a fabric of cess and other indirect taxes.
A recent report by the French Tech Firm claims a significant increase of 20 percent in the number of Lakhpatis in India over last year.
One very important outcome of the 27th GST Meeting was the Government’s decision to take complete ownership of the GSTN Network.
A major reason for the Government of India’s bold moves over the last two years has been driven by its motto to digitize the current economic structure as well as widen the scope of the formal sector.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
It has been more than nine months since the GST was launched in India, but businesses it seems are still finding it difficult to get their head around India’s new indirect tax regime.