Search results for: GST regime

The Indian FMCG market is finally on the road to recovery after the double jolts of GST and Demonetisation. Emami, a major FMCG firm, in a statement, said that the demands from the rural markets are slowly gaining momentum.

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.

The exponential growth of e-commerce in the last few years coupled with the Gst tax regime has escalated the demands for commercial vehicles.

To deal with the increasing tax evasion cases, the Indian government is planning to bring the composition scheme under the reverse charge mechanism.

In the pre-budget 2018 meeting, the finance minister Arun Jaitley discussed with state government about the current situation. The state government from Congress-led government and regional parties mentioned the revenue drop and agriculture suffering from GST implementation.

The GST council is trying to simplify the rules of the new tax regime for the taxpayers. While the queries related to the GST recorded by the National Consumer Helpline indicates that the consumers and the general public were facing problems in GST.

In a recent survey, it is found that the taxpayers have bypassed each and every strict tax vigilance until now as the taxpayers and businessman have been implementing their own ways to evade the taxes.

Under the new indirect tax regime, it is all set to cross 1 crore taxpayers in the coming two days which indicates a 25 percent increase in the number of taxpayers who were registered for the payment of multiple taxes such as VAT, excise duty and service tax.

It is expected that the polymer downstream industry is all set to grow in the eastern region of the nation which also includes West Bengal.