As India gets ready to roll out its most ambitious tax system - the Goods and Services Tax or GST - to replace a maze of indirect taxes with an online-based system in less than 10 days, the attention is turning to the IT system that will have to handle tax returns filed by 8 million businesses. "We are confident that our systems are glitch free," says Nabin Kumar, chairman of the GST Network, the organisation that provides the IT backbone to the online tax system. On June 11, West Bengal Finance Minister Amit Mitra had expressed "his apprehensions about the IT preparedness" of GSTN.
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The increase in production is to cater to the increased demand because of the festive season and revised GST rates.
The development coincides with the surge in sales fuelled by revised GST rates and festive demands.
India's consumer economy has achieved its highest Navratri sales in over a decade, a surge attributed to the Modi government's NextGen GST reforms, which reduced tax rates and increased product accessibility.
The Yamaha R3 and the MT-03 have received a price cut of Rs 20,000 following the revision in GST rates.
The sales of Suzuki Motorcycle India were supplemented by reduced GST rates and increased demand because of the festive season.
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