Union Budget 2020 India | GST and Taxation for MSMEs: The government’s Automotive Mission Plan 2026 targets triple industry revenues to $300 billion and expand exports sevenfold to $80 billion.
The first advance estimates by the government puts the nominal GDP growth for 2019-20 at 7.5% against the Budget target of 12%. Besides being the lowest in last 42 years, a 7.5% nominal rate growth throws the government finances out of gear.
Q. We are manufacturers and exporters of agro chemicals (e.g., pesticides and weedicides). In connection with manufacturing of one of our products, we intend to import process technology to improve the yield of finished goods, with reduced process/production time.
The government has identified 931 cases of fraudulent GST refund claims through data analytics.
Indian minister of textiles Smriti Irani recently asked businessmen and the Southern Gujarat Chamber of Commerce and Industry (SGCCI) to work out a plan to make Surat a textile machinery manufacturing hub.
Department of Revenue through data analysis has identified 931 cases of fraudulent GST.The maximum numbers of such cases for Input Tax Creditfrauds have been booked in Kolkata zone followed by Delhi, Jaipur and Punchkula (Haryana).