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The Goods and Services tax (GST) is both a challenge and an opportunity in effectively managing the working capital. There are many media houses that will help you to navigate its complexities and extract the maximum benefits from the new tax regime offers in managing working capital.
In the budget presented on Wednesday, for the financial year of 2018-19, food processing industry has felt deep disappointment over the demand for removing the Mandi charges on pulse and oil crops.
It seems that after the implementation of goods and services tax in India, the commercial and sales tax department are in vain to utilise their powers and enforce regulations. This is due to the incomplete and no officials conveying of duties and responsibilities to the department in accordance with the GST.
It has been almost eight months since the Goods and Services Tax (GST) was launched in India and it is still going through changes. GST is far from a stable state.
Recently in a finding of African tourism reports, it was suggested that in the year 2017, there were a lesser number of tourists from India visited Africa, probably due to the recent demonetisation and goods and services tax.
GST was touted as a Good and Simple tax for the people. However, six months down the line traders continuously complain that the accounting and return filing cost have doubled. The GST council as well as the government claims of:
The finance ministry has assigned eight tax officers to manage and handle the Twitter handle being pushed for the solution of GST related doubts and queries.
In a major shift from VAT to GST, India has supported the new indirect tax regime from the core of its heart and its capabilities. Almost all the traders and taxpayers have tried to comply with the newly incorporated tax scheme and have done whatever the new law has demanded from them.
Resulting from the 25th GST council meeting, the government has reduced the GST rates for home and local services startups to 5% from existing 18%.
