When we follow something that was designed by others and was found to be working, we can make a few minor changes and run it and it will definetely work, but purchasing a plane and completely altering it? How will that work?
I wish if India limits the GST to 12 or 18%%, makes it simpler by bringing all most essential items for basic living and important medicines & medical devices & All exports to zero, Merit goods to 5 or 6%, demerit goods (including Petroleum, Alcohol etc) to whatever rate they want.
To help budding businesses have higher growth and help the economy, the threshold exemption limit has to be raised to atleast 50 lac. These businesses will somehow pay their income tax so cant force them to pay more and more tax instead help them to cross the 50 lac threshold and get into the GST.
RBI said it has processed about 1,134 crore pieces of Rs 500 notes and 524.90 crore pieces of Rs 1,000 junked notes, having face value of Rs 5.67 lakh crore and Rs 5.24 lakh crore respectively, as on September 30.