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The recent announcement from the Reserve Bank of India has come as a major relief for the medium and small enterprises sector of India.
The union finance minister has clearly stated that the states are not in the favour of including petrol and diesel in the GST ambit due for some unknown reasons.
There is always a doubt as to how a taxpayer can withdraw its remaining tax balance left with the government in case he chooses to cancel its GST registration.
Now even the B2B i.e. business to business merchants are in the queue to obtain certification of passing benefits to the consumers from the final vendors and retailers in order to corner down the anti-profiteering clause that may hamper there otherwise obligation if paid no concern.
The Finance Budget 2018 gave little relief to the high expectations of the secondary metal producers. On Monday a representative group met senior officials in the Ministry of Finance to address grievances.
The Income Tax laws in India are very complex. In the last couple of years, passive incomes from freelancing jobs have gained momentum.
General Public pays a small amount for using Public Facilities provided by the Central Government. A small amount of Rs 2 is charged throughout the country as maintenance cost.
The Commerce Ministry of India has asked the government to put one Goods and Services Tax (GST) rate on multimodal transportation medium of vehicles in order to lower compliance burden on automobile producers and enhance logistic services, an official mentioned.
Arvind Subramanian, the Chief economic adviser of the government of India, recently gave a hint that the country might be headed to implementing a single rate for GST, which was launched in July 2017.
