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The portal has transformed public procurement in India [1] by driving its three pillars, namely, inclusion, usability and transparency and efficiency and cost savings. [7] According to an independent assessment made by the World Bank , average savings for buyers in Government e Marketplace portal is about 9.75% on the median price. [ 8 ]
The portal is accessible to the tax authorities for tracking down every transaction, while taxpayers have the ability to connect for their tax returns. The GSTN's authorized capital is ₹ 100 million (US$1.2 million) in which initially the Central Government held 24.5 per cent of shares while the state government held 24.5 per cent.
Officially known as The Constitution (One Hundred and First Amendment) Act, 2016, this amendment introduced a national Goods and Services Tax (GST) in India from 1 July 2017. [1]
Registration is required (for residents and non-residents) if value of taxable supplies of goods or services exceeds ₴1 million during any 12-month period. A legal entity may apply for voluntary registration if it has no VATable activities or if the volume of its VATable transactions is less than the registration threshold.
The Geographical Indications of Goods (Registration and Protection) Act, 1999 (GI Act) is a sui generis Act of the Parliament of India for protection of geographical indications in India. India, as a member of the World Trade Organization (WTO), enacted the Act to comply with the Agreement on Trade-Related Aspects of Intellectual Property ...
The governor's is largely a ceremonial post but has a crucial role when it comes to deciding who should form the next government or suspending the legislature as has happened in the recent past.
Cash register receipt showing sales tax of 8.5% Conventional or retail sales tax is levied on the sale of a good to its final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax.
The Directorate General of Goods and Service Tax Intelligence (DGGI) is a law enforcement agency under the Ministry of Finance responsible for fighting tax evasion in India. [1]