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When the GST was introduced on the midnight of July 1, 2017, many pundits termed it as India’s second tryst with destiny. Tryst though is a not an appropriate word to describe a landscape changing move like GST.
The upcoming Monsoon Session of the Parliament is all set to table amendments in the GST which will also be completing its 1st year since introduction on July 1st.
GST was a complete overhaul of the existing taxation system in India. Powered by the GSTN Network, it was India’s first big step towards a true digital economy.
It’s been less than nine months since the GST was launched and it has already come under the radar of the black market. Tax evasion activities through black market and under-valuing of imports have been detected by GST revenue authorities.
It is anticipated that the government might reduce the tax rates of items or products falling in the highest slab category i.e., 28 percent.
The equivocation in rates on some products under Goods and services tax (GST) is making the natural Rubber industry to go down. Here are the reasons impacting the rubber industry:
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.
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.
Goods and Services Tax (GST) can bring huge discounts before its introduction impelling the mobile manufacturers and retailers to remove their old stock from July 1. With the introduction of GST, the price of mobile handsets can be increased due to tax factors. It is speculated that some handset brands can offer discounts on both online and offline basis along with retailers who would cut some of the prices.
