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Yanamala Rama Krishnudu, Minister of Finance and Planning for the State of Andhra Pradesh and also a senior politician from the TDP, has raised concerns over the effectiveness of the GST.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, asserted the need for clear protocols for GST data sharing by government departments.
The current Financial quarter has brought good news for the Indian Economy. The Industrial production growth rate for the month of January was recorded at 7.5 percent.
The Union Finance Ministry has lodged a formal request in the Parliament seeking permission to spend an additional amount of Rs 85,315 crore in the ongoing financial year.
On Tuesday, Finance Minister Arun Jaitley assured that the Government would take necessary steps to ensure easy GST compliance. However, the Finance Minister denied even a minuscule possibility of implementing a single tax rate for GST.
As of now the Indian public is not sure of the future benefits of GST and have considered it to be disruptive for the business community in the recent polls conducted.
The union finance minister has clearly stated that the states are not in the favour of including petrol and diesel in the GST ambit due for some unknown reasons.
The government is concerned regarding the Rs 50,000-crore shortfall generated in goods and services tax collections during the year 2017-18. Although, the government hopes to compensate this shortfall with the collection hike of 67% in the year 2018-19 and expects to cut rates before the 2019 elections.
GST e way bill is an electronic bill which will be required for the movement of goods in case the value of the goods are above 50 thousand rupees. The bill can be generated from the GSTN portal and every registered taxpayer must require this e-way bill along with the goods transferred. And learn its […]
