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In a recent decision taken by the Modi government has given a relaxation and a worthy package of Rs 27,413 crore to all the hill states of India.
Goods and services tax has a direct effect on the exports of India as many of the revenue subjects are associated with the industry.
Walmart, a retail giant hailing from America and operating in India has released in its statement the upcoming GST regime will be blessing the retail chain with a bunch of profits and other benefits in the loop. The goods and service tax is about to roll out in few days with a nationwide impact over business units.
The central Government bodies of the country are currently working with exporters and importers to prepare them for the upcoming Goods and Service Tax (GST), which is going to be implemented from 1 July 2017 in India.
Engineering Export Promotion Council of India (EEPC) has come up with issues which are not adjustable with context to the classifications of goods and several input tax credit anomalies.
Apart from the regular tax slab, the GST council has decided 3 percent GST on gold. It is a positive move towards the jewelry association and their growth as the sector was demanding lower tax rates earlier.
India is making full efforts on implementing indirect taxation structure system. It is similar to State Good and Service Tax (SGST). Tax-free zones are some specific areas in which business enterprises are exempted from paying sales state tax and will be eligible to claim the refund under new GST Regime.
Goods and services tax will be developing some tough situations for the business units to survive with the hectic compliance issues. As it is speculated that small and weak credit profile companies will be having more difficult issues.
The provisions are never ending and now the government has directed that the small vendors listed on the e-commerce giants like Flipkart and amazon will have to pay a GST in advance under the goods and services tax scheme when they get their payments even if they fall into the exempted series.
