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Goods and services tax has been proving a mixed concentration for the Indian business industries as from the time of implementation, its effects are widely known to be a combination of both good and bad.
Recently, in 23rd GST Council Meeting held in Guwahati, the Council revised rate structures under newly implemented tax reform. Impressive decisions have been taken by the tax officials and state finance ministers to reduce the tax burden on small business enterprises (SMEs).
According to the survey organized by Nikkei Purchasing Managers’ Index (PMI), a private firm reported that the manufacturing activity fell down in the month of October but the companies hired a large number of workers to provide greater services to the users in respect of outstanding business.
The economy has slowed down due to demonetization and GST implementation. The impacts can be seen on the business of many companies, but, it didn’t affect the market of khadi.
July was the first month after GST implementation and businesses were not well-versed with the new tax system and technical glitches. Still, the GST collection was 95,000 crore.
The government is ready to convey the surveys and searches for the businesses who haven’t paid the taxes yet and will try to bring more of companies under the umbrella of GST net.
A Maximum Retail Price is a maximum price which can be charged from the consumers in India as specified by the authority figures.
The implementation of Goods and Services Tax (GST) Regime is definitely a favorable step for the country in terms of economic growth as a whole.
In some fruitful decisions taken by GST council to promote the tax scheme well in the society for its upbringing, there are some faults which have been captured to put a question mark on it.
