The GST & Central Excise Commissionerate, Gautam Budh Nagar has launched a Twitter handle— @GST_GBNagar—to engage and inform all the stakeholders —tax payers, legal practitioners, chartered accountants, etc —about the newly implemented tax payment system.
On Wednesday, the commissionerate organised a workshop and updated taxpayers and other stakeholders on the latest changes on the GST Law and procedures. A number of consumers, general public, members of RWAs, and businessmen participated in the programme. Click to read more
The opposition in the Lok Sabha today came down heavily on the government over the impact of demonetisation and introduction of the GST, saying the economy was in a bad shape, the growth rate had slowed down and joblessness was growing.
Initiating a debate on the Supplementary Demands for Grants – Second Batch for 2017-18, senior Congress leader M Veerappa Moily said the Prime Minister’s Economic Advisory Council (PMEAC) has “conceded that various reasons had contributed to the slowdown” of the growth rate to 5.7 per cent in the first quarter.
“It is not my allegation but admission on the part of the Economic Advisory Council,” he said. Click to read more
Indian Prime Minister Narendra Modi’s goods and services tax has won him praise among big businesses, but it’s a different story for small-scale entrepreneurs.
Five months since its implementation, the levy remains a hindrance for small and medium enterprises, many of which were already struggling with the rippling effects of last November’s demonetization measure.
Heralded as a game-changer, the roll-out of GST on July 1 was the biggest tax reform in Asia’s third-largest economy since independence. In replacing a mass of central, state, inter-state and local levies — among the most common complaints of foreign investors— a single duty was expected to transform India into a common market, bringing with it increased efficiency and lower corruption. Click to read more
With the introduction of the Goods and Services Tax (GST), industry expected the government to continue to work towards a robust and faster indirect tax system, in its prursuit of improving the ‘Ease of Doing Business’ in India. However, thanks to the scale of the reform, efforts are on to align various existing import-export policies with GST even after six months of its roll-out. A serious issue that cropped up for exporters was the adverse effect on the benefits that were provided by the commerce ministry in the pre-GST regime and the delay caused by the GST network in executing the refund claims. Due to these difficulties, the wafer-thin margins of exporters have been affected, and exporters were compelled to file petitions in high courts. The government, by taking up these problems in the GST Council meeting, and the courts, by providing interim reliefs, extended a helping hand to exporters. What must now be ensured is that this doesn’t become a case of ‘too little, too late’. Click to read more
It is not the poor returns from Goods and Services Tax, as has been widely made out to be, that has messed up the state’s finances. In fact, there is healthy growth in the GST revenue. The crisis the state has found itself in is the consequence of a negative growth in the non-GST component of the state’s tax receipts (the sales tax levied on petroleum products and liquor) consistently over the last four months. Result: an average growth in tax revenues of a pitiable five percent in the last four months; finance minister Dr Thomas Isaac had hoped for a 20 percent growth in the post-GST era. Click to read more
The reformative Goods and Services Tax (GST), which replaced the existing taxation system in July this year, has been a harbinger of change for the transport and logistics industry, altering the way the supply chain and warehousing industry operates in the country.
The first major impact of the new tax reform has been in facilitating smoother and speedier trucking across the country as inter-state border checkposts, long known to be speedbreakers of transport, were dismantled across 20 states. This has helped in reducing the travelling time for the transport community by around 20-25 percent, thus bringing in much-desired efficiency in the sector. Click to read more
Automobiles industry body Society of Indian Automobile Manufacturers (SIAM) has urged the government to bring down the rate of the GST (goods and services tax) levied on electric vehicles to 5% from 12% at present. Sugato Sen, deputy director of SIAM, said: “Batteries being produced cost a lot, so buying electric vehicles is becoming difficult for customers. We need to have prices that are firstly acceptable in the market. Over time, as prices of EVs come down, then the rate can be changed back.” The industry body has also recommended that EVs be fully exempted from road tax and toll charges. SIAM has submitted a white paper to the government on electric vehicles, in which it has recommended a change in the policy to make EVs more affordable for boosting sales. Click to read more
Warehousing cost for consumer durables and FMCG is likely to reduce by 25-50 per cent mainly on the back of the implementation of the goods and services tax (GST) regime even as states like Haryana and Assam are set to emerge as new hubs, CrisilBSE 0.59 % said in a recent study.
According to the rating agency, owing to the implementation of GST, consolidation and tax benefits, warehousing cost for consumer durables is set to halve, while that for fast-moving consumer goods (FMCG) would fall by 25-30 per cent. Click to read more