October 7, 2017

Stung by Slowdown, Centre Starts Reining in GST-Caused Havoc

Sweeping changes to GST rate, while helpful, may open a Pandora’s box. The jewelry-PAN decision on the other hand sees the government walking away from its fight against black money.

The Narendra Modi government is starting to carry out course-correction measures aimed at plugging the adverse effects of its fight against black money and a hastily-implemented goods and services tax regime.

On Friday, the GST Council rolled back some of the tax regime’s key provisions to provide relief to small businesses and exporters. It also  reduced tax rates on more than two dozen items.

In addition to these two changes, the Centre also withdrew a crucial identification requirement for jewellery purchases of over Rs 50,000.

Read more at https://thewire.in/185404/stung-by-slowdown-modi-government-starts-tweaking-gst/

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