GJ Town India

GST on reform spree! Further reforms of GST in current fiscal (2019-20) has an edge & some focussed advantages, 1: Simplified Tax Structure:   Reduction in cascading effect of taxes, transparent and has harmonisation of laws and procedures.  2: Easy Compliance: compliance burden has come down with one pan-India tax replacing multiple taxes and automated processes.   3: Promoting Trade and Industry:   Seamless flow of tax credit. 4: Spurring Economic Growth: Creation of unified common national market. Some developments during the GST journey since 2017:   1: Subsuming of taxes: It was new experience of subsuming 17 different types of taxes under GST. Pre – GST, Trade & Industry had to undergo compliances under Central Excise, Service Tax & VAT and doing business in multiple states involved adhering to different VAT laws, compliance through different portals and answering to different authorities, all that has been unified int...

Timely Availability of Export Credit is Key to India’s Export Growth: Piyush Goyal Union Minister of Commerce and Industry & Railways, Piyush Goyal, is holding a meeting in New Delhi on issues related to export credit with representatives of exporters’ organisations like FIEO, Gem and Jewellery Export Promotion Council (GJEPC), representatives of exporters’ organizations, Finance Ministry officials and heads of financial institutions. Ministers of State for Commerce and Industry, Hardeep Singh Puri and Som Parkash, Commerce Secretary, Anup Wadhawan, Secretary MSME, Dr. Arun Kumar Panda, Director General of Foreign Trade, Alok Vardhan Chaturvedi and senior officials of the Department of Commerce are also attending the daylong meeting. Timely and efficient availability of export credit is critical for any trade activity and is one of the key drivers that boost growth of export. This was stated by Commerce Minister in his opening address. The time has come when we s...