The National Small Industries Corporation Limited (NSIC) signed a Memorandum of Understanding (MoU) with Ministry of Micro, Small and Medium Enterprises (MSME) for the year 2019-20.
The Centre may soon launch an electronic invoice system mechanism under Goods and Services Tax (GST) for companies, but it will only be applicable to big firms in the initial stages, sources told The Economic Times.
On July 1, 2019, the Goods and Services Tax (GST) completes two years since it came into effect. Inspired by the idea of one nation one tax, GST replaced 17 taxes and cesses with just five tax rate slabs, starting from 0 to 28 per cent. It was geared towards making India one market and two years later, it appears to have succeeded.
In the pre-Budget consultation meeting with Ajay Bhushan Pandey, Revenue Secretary, the Confederation of Indian Industry (CII) called for lowering corporate tax rates, maintaining the peak rate of customs duty, kick-starting Government expenditure, and rationalising TDS as well as dispute resolution provisions.
Gross value added growth could be at six per cent
The Reserve Bank of India has on Tuesday decided to extend the usage timings for 'Real Time Gross Settlement' (RTGS) system from June 1.