With the Rajya Sabha passing four key GST bills, the Goods and Services Tax (GST) regime is all set to roll out nationwide from July 1. GST will be the biggest tax reform in recent decades. It is widely expected that GST will largely eliminate the high, cascading taxation structure. In this backdrop, it is worth tracking the impact of GST on the agri-value chain. This is especially important as the agriculture sector plays a significant role in both employment as well as in terms of its contribution to GDP (about 15 per cent). Click to read more
With the nearing of the July deadline for implementing Goods and Services Tax, revenue secretary Hasmukh Adhia will visit North Eastern states this week to review the GST preparedness.
Adhia will reach Guwahati on April 13 where he will meet the state government officials to review IT preparedness for the Goods and Services Tax (GST). Click to read more
Senior Congress leader P Chidambaram on Tuesday termed the Centre’s bid to roll out GST by July 1 as “impractical and undesirable” and asked the government to push the date of its introduction to October 1.
“The goal of July 1 (for introduction of GST) is impractical as well as undesirable. Millions of micro, small and medium enterprises have to adjust to the new regime… In my view, the wise and correct date would be October 1,” he said. Click to read more
GST may be all good for the economy, with projections that it may lift India’s GDP growth by at least 2 per cent.
But this game-changing tax reforms initiative may leave many of the government-owned enterprises in distress, and how!
Projections show GST implementation from July 1 and its likely near-term impact on tax collections may lead to some pressure on the government’s fiscal deficit targets. Click to read more
Within days of being appointed, the new Chairperson of the Central Board of Excise and Customs (CBEC) Vanaja Sarna has asked officers to work with businesses for timely and smooth roll out of the Goods and Services Tax (GST) from July 1.
In a missive, the second in as many weeks, she has said field formations must work on outreach programmes to create awareness of GST and ensure faster migration of assesees to GSTN. Click to read more
Revenue Secretary Hasmukh Adhia will undertake a four day visit to North East from April 13 to review the preparedness of the North East Region for the Goods and Services Tax (GST) which is estimated to be rolled-out from July 1, 2017.
This will be the first visit of the Revenue Secretary to this region after the passing of GST related legislations by Parliament. Click to read more
Long before the Goods and Services Tax (GST) got Parliamentary approval last week, there were opportunities through draft laws for accountants, lawyers, tax-paying enterprises — even technology companies—to participate in its creation. “The government and administrative machinery are dialogue-oriented,” notes Bharat Goenka, managing director of software company Tally Solutions. Yet, the taxpaying community and government underestimated a statutory stipulation that endangers India’s small and medium enterprises (SME): input tax credit. “And that is our collective responsibility. Click to read more