Corruption and the reluctance to pay taxes forced the Government to dish out a rigid GST framework. Retailers especially the small and medium business men should be mindful of the fact the Government can provide compliance relaxation only if tax cheating ends.
The International Monetary Fund (IMF) on Tuesday also cut its growth forecast for the Indian economy by half a percentage point to 6.7 per cent for 2017-18.
If the September number matches the poll consensus, inflation would be the highest in six months – yet still below the Reserve Bank of India’s mid-term target of 4 percent.
GST cess hike on cars: Companies have unanimously said that the imposition of increased cess would slow down sales in the market.
Entities face issues such as difficulty in coding items in HSN codes, need for filing service tax returns for each state of operation and likely challenges in matching of invoices under the new indirect tax regime.
Revenue department officials said the same principle will apply on sale of old cars or two-wheelers and no GST will be payable even though the supply would be for a consideration.
Talking to reporters, Kalraj Mishra said the MSME (Micro, Small and Medium Enterprises) ministry has sought inputs from the khadi players on levy of GST (Goods and Services Tax) on their products so that it can take up the issues with the GST Council.
Your Questions On GST Answered
Questions about economy, GST are drowned in the din on showier issues.
While there are still protests and debates going on about the new tax regime, here are 10 tweets that sum up the entire GST experience.
What has been the impact of GST on different sectors after one week of its implementation? The landmark indirect tax measure has been propelled into implementation after 14 long years.
The lathi charge has become a flashpoint that could lead to loss of support from this community, ahead of the assembly elections later this year. Controlled mostly by North Indians, the textile traders are staunch BJP supporters.
Even as the clarity on the provisions of the Goods and Services Tax (GST) is limited so far, academicians say that GST is a major tax reform that eliminates indirect taxes from the system and hence it has to be introduced to accounting and taxation components for commerce students.
Not only have loyal customers decreased but the number of traders coming from outside the city have also reduced significantly. It would be sometime for business to pick up, he added. Another trader said they are more worried about the old stock.
Bizongo’s new system helps sellers get data which is in the GSTR 1 format that prescribes the details to be provided by the taxpayer in relation to outward supplies made to the buyer for a certain period.