The government has warned manufacturers that non-compliance of printing the revised price on unsold and new products will attract a maximum fine of Rs. 1,00,000 penalty and jail term for 1 year. This move mandates manufacturers to act soon to get the new rates enforced at all levels, as soon as possible. Source : http://www.business-standard.com/article/economy-policy/gst-impact-cos-face-jail-term-for-not-reprinting-revised-mrp-on-inventory-117070700552_1.html
Simpler tax system GST is supposedly eliminating 15+ different taxes like the Central Excise duties, VAT, service tax. This will simplify tax calculations and eventually reduce the price we pay on many goods and services. International Competence GST Would enable competitiveness of Indian products and services in the international markets and thus improve economic resistance and growth for India. Cost of doing business becomes lower GST will not be a cost to registered retailers and therefore there will be no hidden taxes. Thus, the cost of doing business becomes lower, encouraging local businesses and 'make in India' programs to increase the entrepreneurs within India. No more state entry checkposts + Reduced Transportation Cost Since there is no state specific taxes any more, all the state border checkposts are now gone for good. This way transportation costs comes down for essential goods that gets transported every day between various Indian states. Also, ecommerce giants ...
The government has now released a new mobile app to know the GST Rates. The mobile app was launched on Friday to verify accurate tax rates on commodity and services under the new GST Act. The app is only available for Android platform as of this writing. It will soon be developed for iOS (Apple devices) too and can be used in offline mode once downloaded. If you don't have a smartphone you can also check this detail from website here: cbec-gst.gov.in . Get the app from Android Play Store: https://play.google.com/store/apps/details?id=in.gov.cbec.gsttaxratemanual Learn more .
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