With GST all set to be rolled out from July 1, states have not made too many changes in the indirect tax structure in their budgets for 2017-18.
According to a study on budgets for 15 states by CARE Ratings, the assumption is that there could be adequate compensation provided to the states for any shortfalls in revenue receipts on this count.
The GST Council has already approved all the five Bills and union Cabinet on Monday gave nod to four of them, required to be passed by Parliament. Click to read more
Finance Minister Arun Jaitley on Wednesday said that the government was hoping to implement the Goods and Services Tax (GST) by July 1, after the enabling Bills get Parliament nod in the current budget session.
“GST is the biggest reform in India. Hopefully, GST will be implemented by July 1. GST Bills will hopefully be cleared in Parliament,” Jaitley said here at the 23rd Conference of Auditors General of Commonwealth Nations hosted by the Comptroller and Auditor General (CAG) of India. Click to read more
The Union government has shown strong determination in implementing a Goods and Services Tax (GST) that will subsume a majority of the present indirect tax levies in India. This paradigm shift in indirect tax is currently underway and the final GST law is expected to be implemented starting July 1, 2017. As part of this change, every taxpayer or assessee registered under the present indirect tax levies and who meets the criteria laid down in the Model GST Law, is required to register under GST. Click to read more
Tobacco farmers and farm workers of commercial crops across the States of Andhra Pradesh, Telangana, Karnataka and Gujarat have asked the Centre to protect their interests while formulating the Goods and Services Tax (GST) laws.
In a statement, the Federation of All India Farmer Associations (FAIFA) has said that GST is an opportunity for the government to remove anomalies in tobacco taxation in India and bring relief to tobacco farmers without compromising on its tobacco control goals. Click to read more
The Goods and Services tax (GST) Council led by finance minister Arun Jaitley and other states are putting in a strenuous effort to implement this new indirect tax reform starting July, but global beverages maker Coca-Cola wants the roll out date to be postponed by two months, according to a report in the Business Standard. Click to read more
Tens of thousands of hotels and fast-food joints are staring at an uncertain tax regime post July 1 as the goods and service tax (GST) caps composition benefits at Rs 50 lakh of annual turnover.
They are now paying a 4% tax under the composition scheme and a steep rise in GST rate, as is expected, will push up the prices of snacks, a section of hoteliers ET spoke to says. Click to read more
The GST rollout and strong macro-economic fundamentals are likely to revive private investments from the second half of this year, industry stalwarts Deepak Parekh and Adi Godrej said Friday.
“I think it’s round the corner, you will see it this year. Better days are coming because I have never seen such strong macro-economic fundamentals,” HDFC chairman Deepak Parekh said at the India Today Conclave here. Click to read more
Studies have shown that delays at the checkposts cause an estimated loss of $6.6 billion to the economy, while trucks spend 10% of their total driving time waiting at checkposts.
The implementation of Goods and Services Tax (GST) could do away with the blockages at border checkposts as well. The GST Council has set up a task force to ensure seamless movement of freight across the country and reduce losses to the economy due to frequent stoppages, report Surojit Gupta and Sidhartha . Click to read more
Logistics costs in India are 13-15 percent of the product cost, while the global average is six percent. According to McKinsey, the current wastage caused by inefficient logistics is equal to 4.3 percent of the GDP, and, if not corrected, will increase to five percent of GDP or $100 billion by 2020. Click to read more