May improve staff working conditions
NEW DELHI:Top companies in the country may soon have to rely on a common goods and services tax portal to issue invoices to their customers.
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.
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.
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.
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).