Many firms, including Apple, Hero MotoCorp, and HUL, announce price cuts, some others pause operations to update systems to comply with GST rates
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The weekend following the Saturday midnight rollout of goods and services tax (GST) witnessed many companies announcing price cuts and some pausing market operations to update their systems even as wholesalers were seen rushing to upgrade software to comply with the requirements of the new indirect tax system.
While the tax reform which seeks to bring in transparency and efficiency was welcomed as positive for India’s sovereign credit profile by rating agency Moody’s Investors Service India Pvt. Ltd, the government actively sought to allay fears of taxpayers and make the transition to the new system easy.
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