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The government is expecting that the registrations in the new indirect tax regime will increase by 90 lakh up to one crore by the end of the financial year. Multiple complex levies under VAT such as excise, service tax are replaced in the new regime once GST implemented successfully. That means the total registrations of previous tax regime down from 86 lakh to nearly 70 lakh, said official sources in a statement.
State Government have to deal with two major issues- First one businesses have to stabilize their operations after the implementation of the new indirect tax regime and the second one to introduce 7th Pay Commission for state employees.
Korean, Automobile Manufacturer Hyundai reported that the company is expecting the growth in Indian Automobile Industry due to the implementation of the new indirect tax regime. Under the previous taxation structure, tax was imposed 8 percent which is nearly double 15 per cent as compared to the new indirect tax regime.
Manufacturers of retail chains and department stores of fashion and lifestyle products across India have communicated to the stores that they must pass on benefits to consumers due to the price differences after the implementation of the new indirect tax regime.
According to the trade body, handmade manufacturers and other floor coverings have been adversely impacted with the levy of 18 percent GST on job works and 12 percent on the sale and purchase of handmade goods.
The goods and service tax will be a no stone heavy for the boarding and lodging students of under class X. The parents can take a sigh of relief as the government has announced clarification over the GST being actualised across the nation.
Goods and service tax is applicable across the nation with simplified rules and regulations. But in case, if you are still in doubts and are not sure about the generation of bills in a restaurant, you must be prepared to understand the changes included in the bill provided by the restaurants.
The GST Council along with the central government has now mandated that each and every trader will have to display their GSTIN number on their signboards.
CGST 1. Reagrding issues related to Bond/Letter of Undertaking for exports without payment of integrated tax – Reg. 2. Proper officer relating to provisions other than Registration and Composition under the Central Goods and Services Tax Act, 2017–Reg 3. Issues related to furnishing of Bond/ Letter of Undertaking for Exports–Reg 4. Proper officer for provisions […]
