Registering your business on the GST Network (GSTN) is quite easy and there are some amazing benefits of the same, such as payments will become transparent and refunds will be faster.
In a statement, the chamber said India Inc is looking up to the government to take the 'out of ordinary' measures
The decision comes a day after exporters met Finance Minister Arun Jaitley for resolution of GST-related problems to boost overseas shipments.
The decision came after several companies and retailers body CAIT highlighted that they are still left with huge unsold stocks of pre-GST goods and need more time to clear that.
Total GST collection for August touched Rs 90,669 crore (up to September 25, 2017), against Rs 94,063 crore mopped up in the first month of the new indirect tax regime rollout.
The meeting assumes importance as exporters, especially small merchant exporters have been hit very badly following delays in tax refunds, forcing them to even stop taking fresh orders.
The report further said, "while we've been more cautious than most investors over the last three years on the recovery in growth and earnings, we believe the concern over a big revenue shortfall is overdone."
Sinha has also maintained that demonetisation was an "unmitigated disaster" and that a badly implemented Goods and Services Tax was like "giving a half dead patient a deathly dose".
Retail inflation rose to a five-month high of 3.36 per cent in August from 2.36 per cent in July. August inflation number was the highest since March 2017, when it was recorded at 3.89 per cent.
In an exclusive interview to News18 India, the former finance minister said that the first serious task of the government should have been to solve the NPAs issue, plaguing the banking sector and holding back the economy.
"The minister gave a sympathetic hearing to our concerns and assured all possible help. He has taken all our points positively," Federation of Indian Export Organisations (FIEO) President Ganesh Gupta told reporters after the meeting.
"Interestingly, the highest growth in India from 1990 to 2014 was really during coalition governments...So, in a way it's consensus based...in Indian situation, a coalition probably produces better economic results than a strong government,” Reddy told a Washington audience yesterday.
Top party leaders defended the economic situation after former finance minister Sinha slammed the government over decisions like note ban and the GST and said economic revival appeared "highly unlikely" and a "hard landing" inevitable.
According to sources, industry representatives would raise issues such as input tax credit and also timely refund of duties paid by exporters.
He urged the chief secretaries to use the district administration in this regard, so that small traders are facilitated to access and adopt the new system, according to a PMO statement.
Kumar also admitted that there have been problems on account of demonetisation and Goods and Services Tax (GST) implementation but now people have adopted to the new tax regime.
The key concern of the government has been that the tax base has been expanding but that is not getting reflected in the return being filed and people are not concerned about the fact that they have to pay penalty.
Market analysts and economists of varying expertise have used terabytes of memory space in writing about how the cash ban and GST have brought the economy to a three-year low and why things will only get worse before they improve.
On the list of 137 economies, Switzerland is followed by the US and Singapore in second and third places, respectively. In the latest Global Competitiveness Report released today, India has slipped from the 39th position to 40th while neighbouring China is ranked at 27th.
"The fiscal stress is more a result of excess spending thus far, which has not left much room for spending in the remaining months: it can rise only 1.5 per cent y-o-y in August-March versus 23.1 per cent in April-July to meet the FY18 budgeted spending target.
"This is the big difference between the Congress's ideology and the BJP's ideology. The Congress listens to everyone and then implements a big decision. This government did not listen to anybody and implemented the GST and demonetisation, which affected the backbone of country's economy," Gandhi said.
Rising petrol and diesel prices have reignited debate over high taxes on fuels and whether they should be brought under GST. It is a classic case of one man’s meat being the other’s poison. Consumers will benefit if petrol and diesel are taxed under GST, but the government stands to lose a big chunk of its revenues.
Post demonetisation, RERA, GST and insolvency proceedings against Jaypee and Amrapali, most developers are going all out to woo buyers with realistic, sentiment boosting’ marketing strategies.
Chidambaram also said the BJP national executive's support to demonetisation is "utter contempt of public opinion".
Taxpayers have complained of various glitches including lack of forms, inability to rectify errors, bugs in the software and inaccessibility of the site