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GST on Petroleum | How it helps to reduce inflation

How GST helps to reduce inflation ? What will happen when GST will added in petrol?

GST system moved in with the goal of “One Nation One Tax ” in July 2017. Then, five oil-based goods — diesel, petroleum, flammable gas, raw petroleum, and flying turbine fuel — kept out of the GST circle. Albeit the conversations held among huge industrialists and a few priests. Including Dharmendra Pradhan and Nitin Gadkari, regarding GST on petroleum to manage the value adaptability of unrefined, it doesn’t appear to have any plan to impose GST on petroleum and diesel.
However, neither the central nor state government advocates the incorporation of Petrol and diesel under the GST rate pieces.

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Why inflation Rates rise in India- Taxkundali

Why Inflation Rates Rise in India – Taxkundali

Inflation refers to overall increase in the prices of goods and services which effects the cost of living. Consequently, in broader terms, a nation can prosper with balanced prices and salaries. Inflation however increases the cost of living in a country which is somehow more than the salaries and wages of emplyees and workers. As per report by the RBI, Why inflation Rates rise in India? the annual retail inflation rate rose 6.30% year-on-year in May, up to 4.29% in April and above analyst’s estimate of 5.30%. Also, the wholesale price inflation rate rose 12.94%, highest in atleast 2 decades. 

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Form 26AS is a consolidated annual information statement that includes information on tax deducted/collected at source, advance tax, Refund, self-assessment that is available on the Income Tax website against a taxpayer’s Permanent Account Number (PAN).

In May, the Income Tax Department notified the new annual information statement in Form 26AS, effective 1 June 2020. Going beyond the details of tax deducted or collected at source, the revised Form 26AS will reflect all details provided by banks and financial institutions, which were earlier recorded in their Statement of Financial Transactions (SFTs).

The department in its Press Release dated 18/07/2020 said that this will help honest taxpayers with updated financial transactions while filing their return of income whereas it will desist those taxpayers who inadvertently conceal financial transactions in their returns.

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