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According to Japanese financial services major Nomura, Goods and Services Tax (GST) benefits are likely to increase over time and in the long run the indirect tax regime with strengthen tax revenues, boost economic growth. The benefits are expected to be substantial, predicts Nomura.

The automotive industry association SMEV have appealed the government to exempt electric vehicles from the Goods and Services Tax (GST) as these vehicles play a vital role in reducing air pollution. Notedly, SMEV is an association that represents Indian manufacturers of electric vehicles and electric vehicle accessories.

GST multi-tier structure has been questioned by senior Congress leader Chidambaram, as he mentioned, The proposed GST structure with higher rates has left a lot to be desired” and there is a room for improvement in the multi-tier tax framework.

In the middle of GST application, Tamil Nadu Packaged Drinking Water Manufacturers Association has applied a plea in favor of exempting themselves from the GST effects as the reason offered was that the water supply basically completes needs of the domestic region.

The inclusion of Bankruptcy Code law has taken a toll on it and now the Country Director Junaid Ahmad has confirmed that the World Bank will be including the same in their upcoming ‘Doing Business’ 2017 report along with Goods and Services Tax.

Finally, GST council stick to the four-tier rate structure of 5,12,18,28 percent. The council in its two days meeting has been striving for these rates for several months and now completed the discussion with these rates along with some modification of center’s proposal. The highest rates for other FMCG products are being stricken at 6, 12, 18 and 26 per cent.

The trust issues are escalating with more data being shared with states by the center as the finance minister of West Bengal has given a discontentment sign with the data and has objected towards the center that it was manipulating the actual taxpayer base data all the time.