Being pegged as a revolutionary tax reform since Independence, the Goods and Services Tax+ (GST) is likely to eliminate the complex and ambiguous tax structure plaguing the country currently. To bridge the gap between the government, developers and consumers, Magicbricks organised an event ‘Real Estate – The RERA and GST Era’ in New Delhi recently.
A single indirect tax-structure regime+ , the move is expected to make tax collection seamless across India. With the Union government fixing 18% GST rate for under-construction properties with full Input Tax Credits (ITC) for the real estate sector but excluding the cost of land, here is a list of key takeaways from the new law: Click to read more
In the early 1900s in communist Russia there emerged a concept of housing with no private kitchens. Even though it did not succeed, the idea is still worth contemplating. Those complexes had community kitchens. This was based on the concept of rejecting the traditional household order, a social reform to liberate women from the responsibility of cooking in each household. The community kitchen would take up this responsibility instead, and women could choose to spend that time in work that would benefit them economically and the larger society instead of just their family. Click to read more
M. Thomas Isaac, Kerala’s finance minister, is visibly happy with India’s historic shift from an origin based taxation system to a uniform destination based Goods and Services Tax (GST) from 1, July. In an interaction with Business Today’s Joe C Mathew, Isaac tells that the move will clearly benefit Kerala as the growth in its tax revenues will now be close to, or even match the growth in its expenditure. Click to read more
Textile traders in Ahmedabad will go on an indefinite strike from tomorrow to mount pressure on the government to roll back 5 per cent GST on cloth.
The decision was taken during a meeting of traders associated with three major textile markets in the city, including Maskati Cloth Market Association, New Cloth Market and Panchkuva Cloth Market, a release by these associations said. Click to read more
A massive rally was taken out by textile traders on Saturday afternoon to protest the GST on Man Made Fibre (MMF) and submitted a memorandum to the district collector. The rally took a three-kilometre circular route around the textile market after the police refused permission to the original seven km rally to the Collectorate keeping in mind the threat to law and order. Click to read more
Demand for reduction of tax slabs and clarity on tax rates for several goods by entrepreneurs from micro, small and medium enterprises (MSME) dominated the dissemination meet on Goods and Services Tax (GST) organised by Madurai District Tiny and Small Scale Industries Association (MADITSSIA) here on Sunday.
Entrepreneurs from a variety of industries, particularly small and medium scale players like idly batter manufacturers, candy manufacturers, bakers and hollow blocks manufacturers, presented their grievances to Nirmala Sitharaman, Union Minister of State for Commerce and Industry, who chaired the meeting. Click to read more
The Centre will offer certificate courses in Goods and Services Tax (GST) accounting, programming and other related subjects through its ‘Garib Nawaz’ skill development centres.
The announcement was made by Union minister Mukhtar Abbas Naqvi after inaugurating the first such centre here. The centres are being set up to offer employment-oriented training to youths of minority communities. Click to read more
As the roll out of goods and service tax (GST) on 1 July completes a week, few consumers have started changing their lifestyle pattern while for others, life remains the same.
The general perception among the consumers is that most household items such as sugar and wheat flour to discretionary spends on apparel and eating out have become more expensive after GST.
“Today for the first time I came out for shopping at Big Bazaar after GST, and I found a price difference and atleast Rs3-4 were increased on sugar, rice and dairy products. Click to read more
A week after India embraced goods and services tax (GST), strains in the supply chain are showing up. Soap and detergent firms have cut prices of bar soaps to pass on the benefit of GST rates, but dealers who supply stocks to retail outlets complain they are struggling to get sufficient stocks.
With soap and detergent bars now taxed at 18%, manufacturers including Hindustan Unilever Ltd (HUL), India’s largest consumer packaged goods firm, cut prices on key products last week, including Rs3 on a 250g bar of Rin detergent. Click to read more
Consumer packaged goods companies are unlikely to raise prices in the next three months for products such as personal care items, hair colours and shampoos even though tax rates have increased under the goods and services tax (GST), company executives say.
They cited reasons ranging from muted consumer demand and waiting to see how bigger rivals react to the new GST rates.
The government’s anti-profiteering law and the need for manufacturers to advertise in at least two newspapers the old price and new price in case of price hikes in the post-GST regime are also deterring them, analysts and the executives said. Click to read more
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