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Recently in the research done by an economic survey which was also presented in the Parliament, Stated About formed structural positiveness in the second thought
The newly released economic survey mentioned clearly that the achievement of expected GDP is somehow very difficult to retain at around 6.75 to 7.5 percent. It also suggested that the there should be more reduction in the interest rates which will increase the flow of the economy.
More than one month after the implementation of GST in India, the GST Network (GSTN) has now started the GST registration process for those people who do occasional business deals in one or more Indian states but have no business establishments there. The initiative was taken to make it easier for ‘casual’ businessmen to do business with a valid GST registration.
Recently, the government announced a straight away cut the GST rates on all the job work related to natural fibres which include woollens and cotton. But it is unexpected that still, the prices of textiles products will be unaffected. Means that there will be same prices applicable which were earlier decided in keeping purview of GST.
The government has this time to have an increased Tax to GDP ratio by 12 percent in coming two years by FY20. For this, the authorities will be having benefits of newly implemented GST and the thorough cross checking of accounts with their taxpayers.
One of the experts in market studies and industry research stated that the Cess which is introduced in the GST for compensating the loss of the states can possibly be dropped after five years in the lieu of the structured tax system which will otherwise fulfill the revenue of state government.
Now the travel agents who are into the online ticketing business and providing other services on the E-Commerce portals are considered as E-Commerce operators by the CBEC. The GST Council and the Central Board of Excise and Customs decided that the travel agents will have to deduct 1% tax collected at source (TCS) from the customers and will have to deposit it with the tax department.
The former Chief economic advisor of India, Mr Kaushik Basu said that there has been a drastically declining of inflation rate which is both good and bad.
This year the smartphone sales may see a plunge by the effects of Jio Phone, which is set to kick out as many looting smartphone companies who offer even general telecom services on a big price bag. The smartphone industry was already aching with the after effects of GST which was due to the ambiguity of decisions. Now the Jio Phone which came as a rescuer for the feature phone users in India.
