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Food Chain Companies such as Dominos and Pizza Hut who offer freebies to consumers will suffer huge losses due to the implementation of GST as they are required to pay taxes on free items as well. Packaged products and food service provider companies have stopped their ‘buy-one-get-one-free offers’ immediately after the implementation of Goods and Services Tax (GST) from 1st July.
The government is expecting that the registrations in the new indirect tax regime will increase by 90 lakh up to one crore by the end of the financial year. Multiple complex levies under VAT such as excise, service tax are replaced in the new regime once GST implemented successfully. That means the total registrations of previous tax regime down from 86 lakh to nearly 70 lakh, said official sources in a statement.
GST is an acronym of Goods and Services Tax, it was introduced on 1st July across the country. New indirect tax regime, replaces several complex taxes such as Value Added Tax (VAT), Service, Octroi, Excise levied by the Central as well as State Government. Within the few days of implementation of the new indirect tax regime, the government is getting the good response from it. Initially, the Government, business entities, and traders have to face some issues with the newly introduced of Goods and Services Tax Regime (GST) but for the long purpose, it will definitely beneficial for the country as well as the Government.
It has almost been one month since GST was implemented in India, but many traders and companies continue to find it difficult to business in the post-GST regime. Many traders are still confused over the multiple rates of GST taxes.
India’s Largest Automobile Manufacturer Maruti Suzuki on Thursday has announced that the company has earned a net profit of Rs 1,556.4 crore as increased by 4.4% in the first quarter April- June.
Asim Dasgupta was the previous Finance Minister of West Bengal who managed the Empowered Committee of State Finance Ministers.
Ministry of Information and Broadcasting Board has informed to all television broadcasters to run advertisements of GST Awareness Campaign ‘MANTHAN’ so that more and more people aware about the recently introduced Goods and Services Tax Regime.
State Government have to deal with two major issues- First one businesses have to stabilize their operations after the implementation of the new indirect tax regime and the second one to introduce 7th Pay Commission for state employees.
Indian Armed Forces Canteens have sounded red alarms due to the implementation of the Goods and Services Tax (GST) Regime, nearly 1,700 armed force canteens may soon have to shut their doors if they will not provide GST exemptions similar to the defence- run CSD’s.
