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It is estimated that over 60 lakh MSMEs may come out from the Goods and Services Tax (GST) net if the threshold limit for micro, small and medium enterprises (MSMEs) is raised to ₹75 lakh.
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.
The Goods and Services Tax (GST) has been introduced in India on 1 July 2017. Since then it has come across several challenges.
A popular Japanese electronics based company recently unveiled a very helpful and easy to use GST calculator in India. The models of calculator namely MJ-120GST which costs Rs 398 while the other model, MJ-12GST costs Rs 475 and are now available in the Indian market.
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.
The main objective of the National Anti-profiteering Authority (NAA) is to ensure that benefits from GST Rate reductions reach end consumers.
The Orissa High Court has instructed tax authorities not to take any substantial action against importers on the issue of advance authorization licenses for GST.
Post-July 2018 (one year of GST), there has been a genuine effort by the Government and the GST Council, in particular, to cut down on the burden that GST rate has had on the common man’s pocket.
The Goods and Service Tax was criticised from the very first day for its multiple tax slabs. A major point that was raised in favour of multiple tax slabs in the ‘One Nation, One Tax’ regime was the great disparity in the purchasing capacity of the common Indian citizens.
