As the day finally arrives for the Finance Minister to present the Union Budget, the Goods and Services Tax (GST) has emerged as the main concern among retailers, who expect a relaxation in the tax slabs across various product categories.
ANI asked the retailers of Hyderabad about their expectations from the budget, and the majority ascribed the dip in their business to GST and hoped the latest budget would provide some relief. Click to read more
Finance Minister Arun Jaitley deserves praise for being populist in his fifth Budget without derailing the fiscal consolidation efforts of the government. The fiscal deficit, at 3.5 percent in FY18 is, on expected lines and the projected number for FY19, at 3.3 percent, should not go down too badly with the market or rating agencies in the long term.
While total receipts get support from recovery in the overall growth picture (nominal GDP growth at 12 percent as against 10 percent last year), a lot hinges on the sharp recovery in GST collection. Click to read more
GST or Goods and Services Tax, which subsumed more than a dozen of levies, stood as the highest contributor for the government in terms of collecting revenues.
Hailed as the biggest tax reform since Independence, GST single-handedly contributed 32.8 per cent of the total revenues in 2017-18, data from the budget document showed. Click to read more
Arun Jaitley will present his last budget as Finance Minister of the 16th Lok Sabha on Thursday, before the Parliamentary elections in 2019. The main focus will be towards taxes — personal income-tax rates, capital gains tax on stock market investments, tax on dividend income, and corporate tax.
However, PM Modi has also assured that his government will take decisions to fulfil their needs and aspirations in Union Budget. Apart from this there may be announcements regarding oil prices, sin tax and airfares. Click to read more
As a 15-day trial of the nationwide e-way bill came to an end yesterday on January 31, the new e-way bill system rolls out today. Under this bill, every transporter will have to carry a system-generated bill to move from goods from one place to another. These bills can be generated from the GSTN portal. The system was introduced in order to bring in seamless inter-state movement of goods across all the states. Click to read more
A day ahead of the countrywide roll-out of the electronic way (e-way) bill to plug revenue leakage in the goods and services tax (GST) regime, companies were trying to meet the new compliance requirement amid some reports of a crash on the portal in question.
Companies were seen to be grappling with system issues on the National Informatics Centre (NIC) portal over the past two days, in addition to the inconsistent intra-state roll-out across the country. Click to read more
Industrialists of the region were badly hit by introduction of GST and demonetisation and now want the government to compensate them by slashing GST and corporate tax rates in the budget. They also want it to take concrete steps to actually increase ease of doing business.
Chandramohan Randhir, president of MIDC Industries Association Hingna, wants GST rates to be drastically slashed in some cases. “Earlier, job work attracted 5% central excise. Now it attracts 18% GST, which should be slashed. Click to read more
As the NDA government is presenting its fifth and the last full Union Budget FY19, people are hoping for some relief in various tax rates.
Budget analysts expect that the Finance Ministry will introduce some changes in Goods and Services Tax (GST).
Hari Menon, co-founder and CEO of BigBasket, said, “We are happy the way GST has been implemented. Players like BigBasket have accrued a lot of benefits.” Click to read more
With the Union Budget for 2018-19 scheduled to be unveiled today, representatives of startups from across the country are seeking the appointment of an empowered committee to represent the SMEs and reconsider the GST on skill development and tourism sector. They also want the government to lower the income tax slabs for startup employees which will help them reduce costs. Click to read more