Concerned over a decline in GST revenues, tax officials are likely to examine the high usage of input tax credit (ITC) to set off tax liability by businesses, sources said.
Even before Prime Minister Narendra Modi commences his second term, textile traders in Surat have come up with a set of demands including that of developing a garment hub near the south Gujarat city as well as redressal of issues related to the goods and services tax (GST).
BENGALURU: Revenue minister RV Deshpande on Sunday urged Prime Minister Narendra Modi to respond to the slowing economy by slashing goods and services tax (GST) rates, which he said, will give a leg-up to the manufacturing sector in these times of serious crisis.
Looking at the potential that screen printing sector holds, Messe Frankfurt India Trade Fairs has announced its 15th edition of Screen Print India scheduled from April 24 – 26, 2020 at Bombay Exhibition Center, Mumbai, India. The fair will showcase latest advancements and machinery in sectors like screen printing, textile printing, digital and sublimation.
In a very welcome move, Allahabad High Court has passed the rule that GST will not be applicable to the goods purchased from the duty-free shops at airports.
The Indian rupee on Tuesday weakened against the US dollar along with other Asian currencies due to persistent concerns over US-China trade war. The rupee also came under pressure after a surge in global crude oil prices.