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The import and export clearance takes a minimum of 4 days and in the unfortunate scenario, it takes maximum 10 days. And as per the reports, the estimated average time for import and export clearance is around 5.8 days. Now to give relief to the customs, the government took a big step.
After the rollout of GST (Goods and Services Tax), the accountants and the traders are facing problems in filing the GST and have numerous queries regarding this, especially rural traders because the services to clear the doubts on GST is available in English and Hindi only.
In the upcoming months, it is possible that there might be disputes between the central and the state over GST (Goods and Services Tax) but till now no such cases has come forward. For this not to happen, GST Appellate Tribunal has been created.
GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
The Companies (Amendment) Ordinance, 2019 has been issued by the Ministry of Law and Justice (Legislative Department with some alterations in the Companies Act, 2013.
GST Council gave a high sigh of relief to the Trade-industry on concessions but are doubtful whether it will be long-lasting or not. As per the Tax officials, the random changes and modifications in the rules created a self-contradictory situation due to which it is also possible that the discounts given will be taken back or will become neutral via other norms.
The general elections of India will most probably be held between April and May 2019 to form the 17th Lok Sabha. So before the general election of 2019, the Finance Minister Arun Jaitley will announce the first budget of this government on 1 February 2019.
The government recently was held for the degrading health concerns of the general public by the growth of pollution both land and air at a tremendous pace.
There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.
