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In a very exciting news from the government revenues department is that the estimations of revenues from the Goods and Services Tax may cross INR 1 lakh crore a month mark while going towards the end of upcoming next fiscal year
To deal with the increasing tax evasion cases, the Indian government is planning to bring the composition scheme under the reverse charge mechanism.
In the pre-budget 2018 meeting, the finance minister Arun Jaitley discussed with state government about the current situation. The state government from Congress-led government and regional parties mentioned the revenue drop and agriculture suffering from GST implementation.
In the recent communication held with DataWind, a mobile device manufacturing company stated that the tablet PCs are now going expensive due to the higher tax rates of 12 percent and 18 percent.
The government is totally in action against the possible tax evaders as recently the GST department in Mumbai has confiscated as many as 90 parcels of gold ornaments in a possible suspect of tax evasion supplies.
In the name of GST, the renowned 40 leading pharmaceutical companies in the country have not only looted the government within five months of GST implementation but also have not deposited tax to the treasury of the government.
The composition scheme meant to make the GST compliance easier but the government suspects that this scheme has been misused by the small business enterprises (SMEs) by an average quarterly turnover approximately Rs 2 lakh.
Where the big businesses are continuously appreciating the efforts done by Modi government, the small businesses are sharing another story of discontent.
According to the recent data from the Centre for Monitoring Indian Economy (CMIE) has shown the biggest declines in the home loan growth.
