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According to Moody’s Investor Service, Foreign Direct Investment, GST and simplified bankruptcy code are some of the reform measures implemented in India.
On Monday, the Central Board of Excise and Customs (CBEC) informed to its field officers to take all GST disputes to the Supreme Court.
The Goods and Services Tax Network (GSTN) is facing temporary technical glitches after the implementation of the new tax regime, which is hectic for the country. Any of the new IT systems will take nearly six to nine months to evaluate and solve problems as well as get things in a right manner.
The government had collected INR 95,000 crore under GST regime for July month and as the Union Minister mentioned in the statement the compliance is 64% of the total 8 million taxpayers.
GST council chaired by Finance Minister Arun Jaitley, it is expected that the next council meeting will held on 24th October in New Delhi and the council members will discuss the rates of remaining 60 items.
A Maximum Retail Price is a maximum price which can be charged from the consumers in India as specified by the authority figures.
The implementation of Goods and Services Tax (GST) Regime is definitely a favorable step for the country in terms of economic growth as a whole.
The state screening committee of Anti-Profiteering Provision under the new indirect tax regime is likely to be formed in the coming week.
After the implementation of Goods and Service Tax (GST) from 1st July, exporters are facing problem in the working capital due to delay in receiving the tax refund under GST. In view of this, they have demanded to provide tax exemptions previously instead of reimbursement mechanism.
