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The GST Council may reduce tax rates on job work to those who are making fabric to the garment and put it under 5 percent slab rate structure in the GST framework. The meeting will be conducted tomorrow and may be the industry have to register online for goods worth above Rs 50,000 before getting transported.

The government is expecting that the registrations in the new indirect tax regime will increase by 90 lakh up to one crore by the end of the financial year. Multiple complex levies under VAT such as excise, service tax are replaced in the new regime once GST implemented successfully. That means the total registrations of previous tax regime down from 86 lakh to nearly 70 lakh, said official sources in a statement.

Madurai Collector K. Veera Raghava Rao along with many top tax officials attended the one-day awareness programme in the city which was organised for the benefit of traders and stakeholders of the GST.

While the cash-based unorganised retail industry was still recovering from last year’s demonetization effects, the implementation of the Goods and Services Tax (GST) has further increased its problems as most of the small grocers are preferring to directly purchase from GST compliant major wholesalers.

Manufacturers of retail chains and department stores of fashion and lifestyle products across India have communicated to the stores that they must pass on benefits to consumers due to the price differences after the implementation of the new indirect tax regime.

Former Haryana Chief Minister Bhupinder Singh Hooda at ‘Vyapari Sammelan’ on July 23, said that the new Goods and Services Tax (GST) is extremely tedious for small business and traders.

Tax Department officials continuously keeping an eye on the prices of goods and services after the implementation of the new indirect tax regime in the country. Manufacturers of consumer goods, mobile handset companies, and food chain restaurants have received the call from tax authorities department to provide invoice details before and after GST.

The Telecom Industry will look into the matter of 18 percent GST rates on the duties of mobile phones. If consumers and companies are facing problems with the new taxation rates, Telecom industry can consult with Finance Minister Arun Jaitley.

Goods and Services Tax (GST), the biggest tax reform since Independence came into existence on 1st July in India. Industry experts feel that various sectors or industries will not be benefiting with the new tax regime. Some of the renowned Industry experts reviewed over the implementation of the new regime are mentioned below:-