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Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance
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GST Council clears way to rollout GST bill

Last Thursday, the Goods and Service Tax Council gave the green signal for rolling out the new tax (Goods and Service Tax) regime from July, clearing all regulations and legislations required for one of the most aspiring and ambitious tax reform measures since Independence. The GST council, which met in New Delhi, approved the union territory GST (UTGST) and the state GST (SGST) bills. Now the Goods and Service Tax bills will have to be cleared by state assemblies and by the Parliament as well.

Some minor adjustments are still pending

The GST Council has given its approval on the rules and regulations on GST registration, invoice, returns, payments, and refunds, but all these may need some minor adjustments and corrections. The GST council will again meet on 31st March to approve the regulations on input tax credit, valuation, composition, and transitions.
Once the GST council approves the rules and regulations, the most vital issue of the assignment of the tax slabs to numerous services and commodities would be up for approval.

GST a top priority reform, says government

Goods and Service Tax has been recognised as a top priority reform by the current BJP government and the implementation of the same, although the government had missed several deadlines, is anticipated to support to raise India’s economic appeal for overseas investors while shaping up the disordered and messy indirect tax structure. Goods and Service Tax has been worked on for more than a decade, but a consensus had eluded the governments of the states and the central government until now.
This new tax regime will complement and harmonise 11 state and central taxes and duties into a single national sales tax. The GST will include central and state levies such as additional duties of customs, excise duty, value added tax, service tax, octroi, luxury tax and entry tax.
Disclaimer:
The post on this blog is not a professional advice and is shared for academic and knowledge sharing purpose only.
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