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Post-July 2018 (one year of GST), there has been a genuine effort by the Government and the GST Council, in particular, to cut down on the burden that GST rate has had on the common man’s pocket.
The Finance Ministry has still not made a decision in the 29th GST council meeting on the rules and conditions to give a refund of GST on goods purchased by foreigners to take them out of India.
The goods and services tax has made a roadblock for the first ‘green bus’ project initiated on the behest of Union Transport Minister Nitin Gadkari on 6th December 2016.
The GST collections for the month of July showed a slight spike further cementing the effectiveness of the E-way Bill. GST accrues for the month stood at ₹ 96,483 crore.
Among the many changes and improvements the GST system brought to the Indian economy, a major increase has been reported in the direct tax revenues and corporate tax collection in the post-GST era.
GST was touted as ‘One Nation One Tax’ since its introduction on July 1st, 2017 GST has undergone many changes both structural and provisional.
The National Anti-Profiteering Authority (NAA) has recently written to IndiGo and Airtel, both of which are market leaders in their respective industries, asking details of the GST input tax credit benefits occurred to the businesses of these entities and whether these benefits have created possibilities for a price reduction to end-consumers.
With the reduced GST rates, the paint industry is about to witness a growth between 10% to 15% in FY 2018-19, as compared to 9% growth in the FY 2017-18. This is due to lowered GST rates by 10 percentage points, as mentioned by an official.
The Confederation of Indian textile industry chairperson stated that the factors such as an increase in import taxes on textiles and reduction of GST rates on synthetic clothes will surely boost the domestic cloths industry.
