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According to the survey conducted by the road transport and highways ministry, it was found that after the introduction of Goods and Services Tax (GST) across the country, transport industry and truck owners will be saving approximately Rs 30,000 crore yearly.
In a recent decision taken by the Modi government has given a relaxation and a worthy package of Rs 27,413 crore to all the hill states of India.
For the Initial months, there has been a rise in inflation after the implementation of Goods and Services Tax from 1st July across the country. Just for the example, from past five months, the wholesale inflation has been continuously dropping and has enhanced to 1.88 percent in the month of July whereas retail inflation extended to 2.36 percent in July.
In a recent move to eradicate Illegal financial transactions happening across the nation, the government took a strict decision to deactivate a staggering 11.44 lakh permanent account numbers (PAN) on 27th July. The deactivation of PAN cards were done in the light of multiple Pan cards allotted to single person.
It has been found that the Indian traders are getting hands on the comprehensive economic agreement (CEA) with South Korea for the illegal track of gold to devoid import duties applicable for getting bullion in the country.
It is a cleared by the government to the trading communities that the piece of cloth invites only 5 percent GST but if the retailer sells that cloth, after binding and stitching it into a suit, may also attract a tax rate of 12 percent. This ensures that the different variety of clothes and their making will also reflect different slab rates on the clothes sold.
Goods and service tax has proven a heavy tax scenario on to the Ambulance category vehicles as 10 to 13 seater Ambulance vehicles are now completely halted for sales. According to the industry experts, the issue which has been concluded is that the ambulance vehicles are not on the list of exempted items. And without the exemption, the ambulance vehicles are bound to be sold at the higher slab rate of 28 percent tax.
Several renowned FMCG companies such as Dabur, Hindustan Unilever (HUL), Marico, Emami have performed both ‘well and hell’ in the first quarter after the implementation of GST while also, their sales have not been influenced due to destocking of GST, said industry experts.
Arjun Ram Meghwal, Minister of State for Finance and Corporate Affairs said that The Central Government is looking to reduce the tax slab rates in the newly implemented GST Regime.
