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The Biggest players of the Tyre Industry looks to be under the scanner of the GST Council as a huge mismatch in the returns is evident from the current probe.
Recently the NASSCOM submitted its preferred recommendations to the Ministry of Electronics and Information Technology (MeitY) for the upcoming Union Budget 2019-20.
The GST Council is providing an alternative to the traders and businesses of all states regarding the threshold limit of GST.
The import and export clearance takes a minimum of 4 days and in the unfortunate scenario, it takes maximum 10 days. And as per the reports, the estimated average time for import and export clearance is around 5.8 days. Now to give relief to the customs, the government took a big step.
After the rollout of GST (Goods and Services Tax), the accountants and the traders are facing problems in filing the GST and have numerous queries regarding this, especially rural traders because the services to clear the doubts on GST is available in English and Hindi only.
In the upcoming months, it is possible that there might be disputes between the central and the state over GST (Goods and Services Tax) but till now no such cases has come forward. For this not to happen, GST Appellate Tribunal has been created.
GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
The Goods and Services Tax (GST) which was rolled out on 1 July 2017 is a consumption tax which is charged on the supply of goods and services in India. The collection under GST is not able to touch the targets and are falling short of it.
The GST ACT allows foreign entities like Consulates, Embassies and other UN organizations who have made their roots in India to claim the GST which they paid.
