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Resulting from the 25th GST council meeting, the government has reduced the GST rates for home and local services startups to 5% from existing 18%.
The exponential growth of e-commerce in the last few years coupled with the Gst tax regime has escalated the demands for commercial vehicles.
According to ICRA rating agency, the fertilizer manufacturers are likely to be benefited with the reduction in tax rates under the GST as the tax rates on phosphorus acid reduced from 18 percent to 12 percent.
The PM Narendra Modi has said that the upcoming union budget will not be the populist one and revealed that it is just a mere misconception that common man wants some freebies and sops.
After a long discussion, E- way Bill (trial) has been finally implemented in the country in January 2018. Since only 50 thousand people have registered for the service in the first five days, some experts believe that E- way bill took a very low start, as more than 80 lakh taxpayers are already registered on the GST Portal.
To deal with the increasing tax evasion cases, the Indian government is planning to bring the composition scheme under the reverse charge mechanism.
In the pre-budget 2018 meeting, the finance minister Arun Jaitley discussed with state government about the current situation. The state government from Congress-led government and regional parties mentioned the revenue drop and agriculture suffering from GST implementation.
The 25th GST council meeting which was chaired by the finance minister Arun Jaitley and state finance ministers offered a great relief to the educational institutes.
Finally, in a bid to get some relaxation out of multiple issues in GST, the GST council 25th meeting took some favourable decision for the taxpayers including composition dealers.
