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After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.
The largest LNG supplier Qatar recently demanded that the natural gas must be included in the goods and services tax ambit for a neutral and share increasing point for the country welfare.
GST is an interesting challenge for CAG Comptroller & Auditor General of India (CAG) because where it has brought unfavourable circumstances to work on large quaternions, it simultaneously offers an easy and one station access to all the data needed for a full-fledged audit.
Shipping industry under GST regime has suffered a lot and to understand this we may further try to reach the reason. GST has given many positive results but just at International level while domestic ones have not witnessed any advantage.
According to the Indian tax department’s understanding, India-based back offices of multinationals are just brokers and commission agents just rendering services while not coming into the definition of exporters.
Last year, the Government of India had collected Rs 7.41 lakh crore from Goods and Services Tax (GST) but it is expected that the government would collect Rs 13 lakh crore from GST during this year.
The new Financial year has begun amidst concerns for consecutively decreasing GST Revenues. Though the Government and the GST Council must have had a sigh of relief on Sunday after e-way bill platform was successfully launched post the disastrous first attempt on February 1st this year.
Electronic Bill or the e-way bill will come into effect from April 1, 2018. E-way bill is an important step towards India’s dream of becoming a digitally driven Tax Economy.
The impact of goods and services tax on the Indian army is very deep and has taken the overall debt up to 5 thousand crores. As earlier it was known that the Indian army lacked basic necessities like ammunition, arms, assault rifles, battle tanks and bulletproof jackets, now it is again under the burden of […]
