Indian Economy is a developing mixed economy. It is the world’s sixth largest economy by GDP. In financial year 2015 India’s economy became the world’s fastest growing economy by surpassing China. The economy of India has long term growth prospective due to its high young population, low dependency rates, healthy savings and investment rates. India
Before we start the topic, it is imperative for us to know about the models of this newly introduced taxation system; i.e., SGST, CGST, and IGST. Central GST which is commonly known as CGST is the tax regime which comes under the central government. When it comes to the state government, it is regarded as
By benefitting the FMCG industry, new Goods and Services Tax (GST) regime will boost the national economy. The tax incidence of many Fast Moving Consumer Goods Companies has come down under the GST regime. All those FMCGs are requested to pass it on to the consumers in the form of lower prices. We cannot ignore
SME sector is contributing more than 40% industrial output in India. The single lane taxation system is supposed to help the small and medium enterprise. It offers some hurdles as well if we talk about the initial years. If you are running an SME business, you must be adding something on national GDP. For this
It is said that the GST is a catalyst for removing all imbalances in market and economy. The Senior Director of Indirect Tax stated that the principles of fiscal equivalence had been broadly followed in arriving at the GST rates for various products. Some products are there which will come with higher rates after the
Indian tax department has recently finalized the third stage of GST bill which is dealing with 1211 items has been introduced to improve the ease of doing business in India. The new shape of GST bill is effectively making food grains cheaper while exempting essential items such as milk and cereals from the levy altogether.
GST, Goods and Services Tax (GST), is making news these days. It has come with a long range of prospects. The effectiveness of these prospects is our topic of discussion, today. After a lot of research, on both areas, we have been able to combine them in this blog post. If we analyze the GST