Exporters will continue to get certain duty refunds as incentives after the Goods and Services Tax is implemented. The GST Council has framed the draft laws to ensure that the export sector doesn’t suffer when the new regime is rolled out, likely from July 1.
The GST legislation approved by the cabinet and the GST Council has a provision enabling duty drawback in relation to goods manufactured in the country and exported. It’s been defined as rebate of duty or tax chargeable on imported and domestic inputs or input services used in the manufacture of these goods. Click to read more
The GST regime is expected to make the tax administration efficient
THE UNION Cabinet chaired by Prime Minister Narendra Modi on Monday approved four bills related to Goods and Services Tax (GST), paving the way for the introduction and eventual passage of these draft laws by Parliament. The Central GST Bill, the Integrated GST Bill, the Union Territory GST Bill and the GST (Compensation to the States) Bill, which were cleared, are expected to be introduced in Parliament this week. Click to read more
While the government wants to rollout GST from July 1, lack of clarity on tax rates has made it difficult for companies to set aside funds for future tax liabilities.
The office of a major tax consultant is brimming with activity — on a Sunday. Its employees have been working weekends as well as holidays and have a special team for multiple clients. Their sole objective: preparing for the July 1 rollout of the Goods and Services Tax (GST). Click to read more
The Cabinet on Monday cleared four GST-related Bills, paving the way for their introduction in Parliament, as early as Tuesday.
The Cabinet on Monday cleared four GST-related Bills, paving the way for their introduction in Parliament, as early as Tuesday. The four drafts are the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST) — and these would likely be introduced in the House as Money Bills. Click to read more
The implementation of Goods and Services Tax (GST) is likely to be fiscally neutral and its impact on inflation is expected to be less than 20 basis points, says a Nomura report.
According to the Japanese financial services major, the GST council is making steady progress and is expected to be implemented in the July-September quarter this year.
Though the impact of GST is likely to be minimal, growth numbers are expected to get affected in the run up to its implementation. Click to read more
While the roll out of the Goods and Services Tax (GST) regime from July 1 is expected to bring in consolidation in the warehousing space, logistics players also feel it might do away with the need to have smaller warehouses in smaller cities.
There will be requirement for fewer, but larger warehouses, they say. Click to read more