Aarohi Blog

Ice cream, pan masala and tobacco manufacturers cannot opt for GST composition scheme under which businesses are allowed to pay lower tax rate if their turnover does not exceed Rs 75 lakh Also, makers of tobacco and manufactured tobacco substitutes will not be able to opt for the scheme. Businesses with aggregate turnover of up to Rs 20 lakh (Rs 10 lakh in North-East and special category states) are exempt from GST. Besides, the Finance Ministry has also notified 12 amendments to the Central Goods and Services Tax (CGST) Rules.the amendments provide for cancellation of registration of a business for violation of Read More.       

India recently tried to reduce the use of cash in its economy by eliminating, overnight, two of its most widely used bills in what was called demonetization. While the effort – initially explained as an attempt to curb “ black money ” – has been a failure in many respects, it was part of an ongoing and global push toward cashlessness. What India and other governments have failed to contend with, however, is the adverse effect such severe policies have on the poor, who seldom use banks. India’s working poor rely almost exclusively on cash, with about 97 percent of all transactions involving an exchange of rupees. With 93 percent of the country working in informal  Read More