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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.
Around 70% of the total 1.1 crores registered businesses have been filing regular returns within the deadline, confirmed GSTN CEO Prakash Kumar.
In a recent announcement done by the government, now there will charge on the late payment of credit card bill of 18 percent. It was also mentioned that there will no chapercentTM and issuing of the chequebook.
The current sorry state of the once flourishing Surat’s Textile Industry can be attributed to the policies of the State Government.
Jo Bello, PwC’s global indirect tax leader, who has more than 20 years of experience in the international VAT, said that the accomplishments of the online Goods and Services Tax (GST) in the country have further encouraged the common European trading bloc to experiment along with uniform producer levy.
After a slow year, the sale of fast foods in India is back on track to be better than ever before. The sales of quick service restaurants (QSRs) are reportedly breaking the records this year.
From 7.1% in 2016 to 6.6% in 2017, the fall in GDP rate had raised a lot of eyebrows and serious questions were asked about the effectiveness of implementing GST post Demonetization.
The 21st century India has witnessed the rise of the middle class and consumerism in India. From being a mixed economy state and guilty of practising crony capitalism for over five decades, the new India is finally emerging from the shadows of the past.
Tax authorities in India are in the trouble with the 34,000 crores goods and service tax collection whereas the government is thinking it as tax evasion done by the taxpayers.
