Answer:
The GST registration is mandatory in India.
Explanation:
In the GST Regime, those businesses whose turnover exceeds from Rs. 40 lakhs and Rs 10 lakhs for NE and hill states must register himself as a normal taxable person. This process of registration is called GST registration and this registration under GST is mandatory in India. So Mr. Obama as a resident & citizen of USA need to business of selling goods in India, so he must register himself as taxable person. The payment of Tax increases with the increase in income for example, a person whose income is up to 2,50,000, he will pay no tax. A person whose income is between 2.5 lacs to 5 lacs, pay tax at the rate of 5%, a person whose income is between 5 lacs to 10 lacs, pay tax at the rate of 20% and a person whose income is above 10 lacs, pay tax at the rate of 30%. Rules are same for all people and Mr. Obama also pays the same amount of tax to the government.
Domestically, the Reagan administration enacted a major tax cut, sought to cut non-military spending, and eliminated federal regulations. The administration's economic policies, known as "Reaganomics", were inspired by supply-side economics. The combination of tax cuts and an increase in defense spending led to budget deficits, and the federal debt increased significantly during Reagan's tenure. Reagan signed the Tax Reform Act of 1986, which simplified the tax code by reducing rates and removing several tax breaks, as well as the Immigration Reform and Control Act of 1986,
Trade and competition among European countries. Established global trad.
