Finance minister Arun Jaitley on Wednesday said there is scope to rationalise goods and services tax (GST) and rolling 12 per cent and 18 per cent slabs into one as implementation of the country’s most comprehensive indirect tax reforms progresses.
“I do concede that as it (GST) moves forward, there will be scope for rationalising the rates. There, probably, will be scope that the two standard rates of 12% and 18 per cent, after some time, could be clubbed into one. That is a fair possibility and a suggestion,” Jaitley said replying to debate on the two bills related to GST in J&K. Click to read more
India completed the first month of implementing the Goods and Services Tax on Monday with the entire globe closely monitoring its developments. As expected, the 360-degree shift ushered in various queries and concerns; equally for the underprepared as well as the geared-up participants from trade and industry.
While legislative provisions were framed before July 1, 2017, various enabling and implementation procedures and clarifications are being introduced along with the onset of GST. This has kept assessees on their toes for tracking regular updates on various aspects with respect to GST. Click to read more
A month after the launch of the biggest indirect tax reform undertaken in the country, Firstpost takes a look at how businesses are faring under the new regime. There have been confusion and concerns, much of which have not yet been addressed. This is the second of a four-part series taking stock of the GST’s impact.)
The recently launched Goods and Service Tax (GST) has created outrage and protests in the textiles sector. The textiles and garments sector is one of the largest employment generators in the country. India has around 2 million power looms manufacturing around 20 billon meters of cloth. Click to read more
The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today.
Businesses can start filing their first GST returns and pay taxes for July on the portal of GST Network — the IT infrastructure provider for the new indirect tax regime, beginning August 5, he told PTI here.
To make compliance easy for businesses, the GST Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST rollout. Click to read more
Activity in India’s dominant service sector contracted at the sharpest rate in nearly four years in July after a new tax policy sowed confusion and sent new orders into free fall, a survey showed on Thursday. Initial confusion on the national goods and services tax (GST) led July’s Nikkei/IHS Markit composite Purchasing Managers’ Index, which measures both manufacturing and services activity, to sink to 46.0 – its lowest reading since March 2009 – from June’s eight-month high of 52.7. Click to read more
More than 31 per cent of the chief financial officers (CFOs) from various companies feel implementation of GST is challenging and manufacturing is the most affected sector, according to a recent survey. Further, over 54 per cent CFOs believe that the impact of demonetisation has been neutral, while 56 per cent are “highly optimistic” of the country’s macro-economic growth in the next 4-5 years, the Deloitte Annual CFO survey said.
“The country remains optimistic about economic prospects, as it remains buoyant post demonetisation and amongst global uncertainties,” the survey report noted. Click to read more
As we approach the start of festive season, consumers are often spoilt for choice across product categories as retail shops, branded stores and malls try to boost sales through hefty discounts and freebies.
But the launch of the new indirect tax regime, the goods and services tax (GST), last month has been prompting consumer goods companies to tweak their discount strategy while gift vouchers, freebies and promotional offers may not be directly offered to woo consumers.
This is because under the new tax regime, freebies or gifts offered by retail shops or companies will attract GST. Click to read more
India’s gold imports will likely drop in the second-half of the year from the first six months after jewellers rushed to stock up ahead of new taxes introduced on July 1, the World Gold Council (WGC) said on Thursday.
Faltering appetite in a country where gold is used in everything from investment to wedding gifts could rein in a rally in global prices, trading near their highest level in seven weeks. Click to read more
In a direct impact of GST’s implementation, Mahanagar Gas Ltd on Thursday hiked the prices of piped natural gas (PNG) for domestic users and compressed natural gas (CNG) for vehicle owners with immediate effect, an official said.
While PNG prices have been increased by Rs 0.19 per unit, CNG has been hiked by Rs 0.32 per kg with effect from midnight of August 2-3.
Accordingly, the revised retail sale price of domestic PNG in Slab I has gone up from Rs 24.42 per unit to Rs 26.61 per unit. Click to read more
Punjab produces nearly 75 per cent of India’s bicycles and over 90 per cent of India’s bicycle parts. But for much of the Rs. 5000 crore strong bicycle industry in India, which includes big names like Hero Cycles and Avon, production begins in micro, home-based units. Before the implementation of GST (Goods and Services Tax), bicycles attracted a series of different taxes in different states – under 12 per cent – but now they attract a flat 12 per cent GST. Click to read more
In the plush locality of Vasant Kunj in the city, a board outside Sarika Prasad’s house says ‘chartered accountant’. Right next to that, a new board has come up. It reads ‘GST consultant’.
Prasad has been practicing as CA for a while now and Goods and Service Tax (GST), being the most in-demand tax consultancy, is bringing some good business to her. A month after the grand launch of GST, where Prime Minister Narendra Modi described it as Good and Simple Tax, businesses are trying to adapt to new regime. Click to read more