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.
The Reserve Bank of India has on Tuesday decided to extend the usage timings for 'Real Time Gross Settlement' (RTGS) system from June 1.
Gross value added growth could be at six per cent
The Reserve Bank of India has extended the timings for customer transactions through Real Time Gross Settlement (RTGS) system. With effect from June 1, the RTGS timings for customer transactions (initial cut-off) will be 6:00 pm, instead of the present 4:30 pm.
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.