According to Moody’s Investor Service, Foreign Direct Investment, GST and simplified bankruptcy code are some of the reform measures implemented in India.
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According to Moody’s Investor Service, Foreign Direct Investment, GST and simplified bankruptcy code are some of the reform measures implemented in India.
On Monday, the Central Board of Excise and Customs (CBEC) informed to its field officers to take all GST disputes to the Supreme Court.
As the clock is ticking, the government’s concern is increasing that among 85 lakh registered taxpayers only 6.5 lakh have filed the GSTR-3B return for August month.
The Goods and Services Tax Network (GSTN) is facing temporary technical glitches after the implementation of the new tax regime, which is hectic for the country. Any of the new IT systems will take nearly six to nine months to evaluate and solve problems as well as get things in a right manner.
The government had collected INR 95,000 crore under GST regime for July month and as the Union Minister mentioned in the statement the compliance is 64% of the total 8 million taxpayers.
GST council chaired by Finance Minister Arun Jaitley, it is expected that the next council meeting will held on 24th October in New Delhi and the council members will discuss the rates of remaining 60 items.
The definition of job-work already exists in Central Excise and the job-worker plays a major part in Indian economy due to involvement in the processing of input or unfinished goods.
To address the issues relating to the technical glitches faced by taxpayers in the implementation of goods and services tax (GST), a five member Group of Ministers (GoM) has been constituted by the Finance Minister Arun Jaitley.
A Maximum Retail Price is a maximum price which can be charged from the consumers in India as specified by the authority figures.