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In his recent statement to the media, Bijay Kumar, Chief Commissioner of GST, Central Excise and Customs, Kolkata Zone, believes that the recently implemented Goods and Services Tax would bring down the costs of goods, in addition to bringing in transparency to the tax system.
According to the report, 11 states across India would demand the compensation of revenue loss from the Central Government after the implementation of the Goods and Services Tax (GST) Regime.
According to a blog published on Asian Development Bank’s website, the lower and lower-middle income class people will get benefited from the recently implemented Good and Services Tax (GST) Regime in India. It is expected that the new regime reduces the tax rates on goods.
According to a Morgan Stanley Report, it is revealed that after the introduction of Goods and Services Tax Regime (GST) has made a reduction in India’s Inc net income for the first quarter of 2017. Since five quarters, the net profit growth of the nation reduced by 11 percent.
Several renowned FMCG companies such as Dabur, Hindustan Unilever (HUL), Marico, Emami have performed both ‘well and hell’ in the first quarter after the implementation of GST while also, their sales have not been influenced due to destocking of GST, said industry experts.
The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3
It is a difficult time for numerous sectors across the nation as the GST is trying to cover up all those into strict compliance. With this into effect, the bicycle industry is also under the problems of tax rates and input tax credit all at once.
GST is an acronym of Goods and Services Tax, it was introduced on 1st July across the country. New indirect tax regime, replaces several complex taxes such as Value Added Tax (VAT), Service, Octroi, Excise levied by the Central as well as State Government. Within the few days of implementation of the new indirect tax regime, the government is getting the good response from it. Initially, the Government, business entities, and traders have to face some issues with the newly introduced of Goods and Services Tax Regime (GST) but for the long purpose, it will definitely beneficial for the country as well as the Government.
India’s Largest Automobile Manufacturer Maruti Suzuki on Thursday has announced that the company has earned a net profit of Rs 1,556.4 crore as increased by 4.4% in the first quarter April- June.
