Twitter recorded over one million conversations on GST between June 30 and July 2 – reflecting the sentiment of the nation on what is being billed as the largest tax reform since Independence.
From #GSTIndia to #GSTForCommonMan, people took to Twitter to express their opinions and conversations about Goods and Services Tax (GST).
India ushered in the Goods and Services Tax (GST) regime on the intervening night of June 30 and July 1. A four-tier tax slab — 5, 12, 18 and 28 per cent — has been decided. Click to read more
As many as 22 states have abolished border commercial tax checkposts after the rollout of goods and services tax (GST) on July 1, marking a big step towards ‘One nation, one tax’ goal of this reform.
These states include both NDA-ruled ones and those by the opposition, indicating a broad-based intent to implement the GST.
The states include Gujarat, Bihar, Karnataka, West Bengal, Tamil Nadu, Haryana, Kerala, Madhya Pradesh, Uttarakhand. Eight states including Assam, Himachal Pradesh, Manipur, Meghalaya, Nagaland, Punjab, Mizoram and Tripura are in the process of abolishing their checkposts, an official statement said on Monday. Click to read more
Transport companies are now insisting traders furnish their GST numbers before accepting goods for transportation anywhere. Traders who have not acquired GST numbers will not be entertained, some transporters told Business Standard.
Ashok Shah, chairman of V- Trans, a large Mumbai-headquartered logistics company and past chairman of Bombay Goods Transport Association confirmed the development. He said, “Octroi being subsumed in GST is a big relief and will save both, time in transit and fuel. However, for transporting goods, the sender’s GST number is required, because given the way tax provisions for transporters have been structured, that becomes necessary”. Click to read more
The multiple tax slabs of the present structure of GST (Goods and Services Tax) has attracted criticism from certain quarters, given that it’s not exactly ‘one nation, one tax’. Currently, the goods and services are categorised under four slabs- 5, 12, 18 and 28 per cent with few items like gold and rough diamonds attracting exclusive rates. A certain section of the industry believes that it defeats the basic purpose of GST i.e. simplifying the old tax structure. Click to read more
The Indian economy has been celebrated for being remarkably resilient. In the face of the 2008 global financial meltdown, India did not figure in the list of dominoes that fell. The effects of the global recession did not appear to have as much of an impact on India’s economy as they did on several large economies that were fully integrated with the global market. After the 2008 financial crisis, the Indian economy more or less recovered from the setbacks it suffered at the time. Click to read more
When Parliament met on the midnight of 30 June to roll out GST, the Congress and a few other Opposition parties boycotted the ceremony calling it a “tamasha” engineered to elevate the “tryst with GST” moment to the level of the indelible “tryst with destiny” of 1947. Or to self-propel Prime Minister Narendra Modi into an orbit synchronous with Jawaharlal Nehru.
Conventional wisdom tells us that though GST is the “biggest tax reform since independence”, it is not quite independence itself. No wonder then that Narendra Modi came under severe attack for daring to equate the two and, in the process, for trying to appropriate credit for ushering in GST. Click to read more
Despite all efforts by Revenue Secretary Hasmukh Adhia to calm down the country’s GST panic and address the “seven myths” surrounding the new tax regime, Chandigarh traders remain perplexed. President of Chandigarh Beopar Mandal, Anil Vohra, said, “Traders are really confused. Teething problems do occur when a new system comes in place. It will take a few months to settle down.”
However, in a sign that traders are trying to come to grips with the new system, many have started trading and are issuing manual receipts. Traders with computers who have had the GST software installed are taking help of accountants. Click to read more
In an exclusive interview with ET NOW’s Tanvir Gill and Ayesha Faridi, Rakesh Jhunjhunwala, Partner, Rare Enterprises, says that the biggest gain from GST is a digitised economy, along with efficiencies in logistics leading to efficient supply chains. Though there will be initial hiccups, the changes that the new tax regime will unleash will lead to a ‘forced morality and a willingness to pay taxes’, he said.
The anti-profiteering clause is of little use as competition places a better check on prices, he said. The ace investor also felt that once a few stressed assets in the banking sector are resolved under the new bankruptcy code, it would take around 18-24 months to tackle the NPA mountain. Edited excerpts: Click to read more
Footwear companies across the country are looking to increase prices of their products—particularly in the leather segment—by 5-7%, in a bid to compensate for a higher goods and service tax (GST) rate.
The GST Council had categorised footwear into two tax slabs. Those priced below Rs500 will be taxed at 5%, and others will be taxed at 18%.
“While we welcome the path-breaking tax reform of GST (one nation, one tax, one sector), we will be required to increase the prices of our products by at least 5-7% with effect from September (after the existing stock is cleared) due to the 18% rate. Click to read more