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According to the official sources, it is not possible for the government to provide tax and duty exemptions on Apple products under the new taxation system.
It is anticipated that the government might reduce the tax rates of items or products falling in the highest slab category i.e., 28 percent.
The government has favoured the traders who are pleading for time extension to sell their old priced goods after GST. The time has been extended until 31 December 2017 in which the traders who have old stock remained with them can sell it till the end of this year.
Online GST registration application is an essential step under GST regime for every taxpayer or business owner whose annual turnover is above 20 lakh.
The government has started preparing to take new steps against the tax evaders and illegal traders under the GST. While the talks for the formation of GST regulator and monitoring of anti-profiteering committee may end very soon.
Now is the time to avail the super exciting offer as SAG Infotech is offering Gen GST cloud software with an effective 50 percent off.
July was the first month after GST implementation and businesses were not well-versed with the new tax system and technical glitches. Still, the GST collection was 95,000 crore.
According to Moody’s Investor Service, Foreign Direct Investment, GST and simplified bankruptcy code are some of the reform measures implemented in India.
The state screening committee of Anti-Profiteering Provision under the new indirect tax regime is likely to be formed in the coming week.
