When the nationwide goods and service tax rolls out on July 1, it is likely that micro and small enterprises will under-report their yearly income. Firms might do so to stay in the Rs 20-50 lakh bracket so that a low tax rate of 1-2 per cent applies to them. Increased compliance under GST will [&…
Tag: Abhishek Rastogi
Are 3 months enough for industry to prepare for GST, ask experts
The Finance Minister Arun Jaitley-headed GST council on March 16 cleared drafts of the State GST Bill and the UT GST Bill marking a big step forward in India’s plans for a countrywide rollout of Goods and Services Tax (GST) from July 1. The progress made towards rolling out the Goods and Service…