The Goods and Service Tax (GST) was brought into force in July 2017 with the objective of bringing uniformity in the taxes on goods and services replacing multiple indirect taxes viz.
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Defence Sector of India has experienced a vast Growth in past 5 years. India has the third largest armed forces in the world which also reflects in its budget – ranked fourth after US, China and UK. This year, the government proposed a total budget allocation of INR 2,74,114 crores for FY 2018 which was up 6.2% from INR 2,58,589 crores allocated last year.
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Good news is underway for Indian Economy as India has emerged as the fastest growing major economy in the world as per the Central Statistics Organisation (CSO) and International Monetary Fund (IMF) and further, as the short term disruptions caused by major reforms such as the Goods and Services Tax (GST) and demonetization recede, the economy is on the rebound and is likely to achieve higher growth targets.
Continue reading Current Indian Economy Overview
