India plan to counter us tarifs: US President Donald Trump has announced an additional 25 percent tariff in the form of penalty for purchasing cheap oil from Russia after a 25 percent base tariff already implemented to India. Also, the American Treasury Secretary has warned that if the conversation between the US and Russia on August 15 is inconclusive, then this penalty can be increased on India.

What is India’s plan?

This announcement has created a new challenge in front of Indian exporters. Speculation about the future of economy and business is sharp. Experts believe that if the burden of tariff continues to grow in this way, then India’s GDP growth may have a negative effect. According to Moody’s report, this may cause a deep shock to the ‘Make in India’ campaign and manufacturing sector.

The Government of India has become active to deal with these challenges. According to the Business Standard report, the Ministry of Commerce and Industry has prepared a support plan of Rs 25,000 crore, which will be applicable in a period of six years. This proposal has been sent to the Finance Ministry and after getting the approval, the cabinet will be kept for approval.

What will happen in the new scheme?

Under the new scheme, small exporters will be provided collateral-free loan facility. In addition, exporters in high-risk markets will get special assistance and will also promote alternative financial instruments like cross-border factoring. Exporters say that the government will have to take concrete steps at the earliest, so that the impact of American tariffs can be reduced and India’s exports can be protected.

Also read: America-Russian meeting could not even fill up the rupee, the collapsed against the dollar, know how broken

GST on UPI transactions: UPI transactions, becoming increasingly popular in the country, are proving to be a milestone towards promoting the government’s digital India campaign. Amid reports of recent GST on UPI, the Finance Ministry has clarified in the Rajya Sabha that no idea has been made to impose GST on transactions of more than 2000 rupees. During the monsoon session on July 22, Minister of State for Finance Pankaj Chaudhary said that it has not been recommended to impose GST on transactions above two thousand rupees.

GST will not be imposed on UPI transaction

Responding to a question of the government’s views about GST on transactions above two thousand rupees, Pankaj Chaudhary said that on the basis of GST Council’s recommendation, GST rates and exemption are decided. It is a constitutional body, which includes members of both the state and the center.

Significantly, the GST case on UPI transactions came to light when about 6000 GST notice has been issued to traders on the basis of data of UPI transactions in Karnataka.

GST notice in Karnataka stirred up

The organization of traders in Karnataka has threatened to strike against the GST notice sent on the basis of data of GST transactions. While the Income Tax officials have described it as the right step according to the law.

Speaking to the news agency PTI, Joint Commissioner of Commercial Tax, Meera Suresh Pandit said that when the transaction limit in the service sector crosses the limit of 20 lakhs and goods for goods, it becomes mandatory to register its business under the GST Act. Along with this, your turnover also has to be announced