India Inc, in particular ecommerce platforms such as Amazon and Flipkart, may need to prepare for withholding tax provisions in two months under the goods and services tax (GST).
The tax deducted at source (TDS) and tax collected at source (TCSNSE 2.32 %) provisions had been put on hold following petitions by industry that this would increase the compliance burden. Click to read more
As it meets on May 4 via video conferencing, the Goods and Services Tax Council will have many items on the agenda, including adoption of a simplified system, which will make compliance easy, without compromising on revenue for the government. It will also consider a proposal for the government to have majority stake in GST Network, the IT backbone for the new tax, and imposition of a cess on sugar to create a fund that will help mills clear cane dues owed to farmers. Click to read more
Despite the disruptions that followed India’s single biggest tax reform in 70 years of independence, revenue receipts did not fall far below the targeted monthly average in the first year while the annual shortfall for the Union and many state governments was largely due to an accounting issue. Click to read more
Recent economic news headlines signal a strong optimism relating to the Indian economy being on the upswing. Last week, the IMF, at its annual Spring Meetings, had stated that the structural reforms and other measures taken by the government—including digital ID technology and recapitalisation of banks—have started bearing fruit, making India a veritable “economic power-house” with inclusive growth. RBI has also forecast GDP growth to strengthen, to 7.4% in FY19, establishing India, again, as the fastest-growing major economy in the world. In all of this, GST is also a factor of some reckoning. Click to read more
Ecommerce companies like Amazon India and Flipkart could finally be asked to get onboard the tax deducted at source (TDS) and tax collected at source (TCS) berths in the GST wagon as they will need to prepare for withholding tax provisions in two months under the goods and services tax (GST), according to ET tech. Click to read more
Admit it. A big part of the charm of international airports is duty-free shopping. It’s possibly the only thing that makes airport waiting times more bearable.
In fact, the Centre for Asia-Pacific Aviation sees duty-free spend at Indian airports hitting USD 1.6 billion by 2021 – or Rs 10,600 crore – which is an eight-fold increase in three years. Of the 17 international airports boasting duty-free outlets, New Delhi’s Indira Gandhi International Airport (IGIA), pretty much ruled the roost since it housed the country’s largest duty-free retail space. Click to read more
India’s largest network of department stores is mostly immune to economic cycles. For it’s a non-profit that caters to 12 million serving and retired defence personnel and their families. But the state-run Canteen Stores Department couldn’t avoid the disruption of the nationwide sales tax. And that pinched consumer goods makers even more. Click to read more
A concessional rate of the goods and services tax (GST) could be levied for retail (B2C) transactions if consumers opt to pay digitally, subject to approval of the proposal by the GST Council. The GST Council in its 27th meeting on May 4 is expected to discuss a proposal wherein a 2 per cent concession, subject to a ceiling of Rs 100 per transaction, may be offered to consumers in B2C transactions if they pay through digital modes, government officials said. Click to read more
Finance Minister Yanamala Ramakrishnudu on Saturday said the State government would press for exemption to the TTD from the Goods and Services Tax (GST).
Addressing the media here, Mr. Ramakrishnudu said the TTD, along with several other temples in the State, had been exempted from taxes during the VAT regime. Click to read more
The indirect tax collections have been decreasing in Assam since implementation of the Goods and Services Tax (GST), the state government data has revealed.
Chief Minister Sarbananda Sonowal informed the 15th Finance Commission on its recent visit to the state that the present amount of indirect tax collections has been less than 15 to 20 per cent than the pre-GST era. The Finance Commission headed by NK Singh as chairman visited the state on a three-day visit starting from April 25 last to assess the financial situation. Click to read more