The government is unlikely to announce the tax rates for various commodities under GST any time soon as it fears an early announcement could give rise to market distortions and hoarding.
Sources privy to the development told the Financial Express the rates will be revealed just a few days prior to the July 1 roll-out of the goods and services tax.
Rajat Mohan, Director-Indirect Taxation, Nangia & Co told FT that unlike western counterparts, India has a price-sensitive market where any indication of minor change in tax rates tempts the consumers to rate buy a product. Click to read more
The government on Tuesday said GST will not lead to inflation and rather make domestic goods competitive via-a-vis imported items.
Revenue Secretary Hasmukh Adhia dismissed fears that GST implementation will lead to a spurt in prices, saying that unlike in other countries, the transition to the new tax regime would be smooth in India. Click to read more
The government may slap customs duty on imported mobile phones after switching to the goods and services tax (GST) regime as it seeks to give a boost to local manufacturing, ward off Chinese imports and induce companies like Apple to make in India. Such a move could, however, increase the price of imported smartphones by 5-10%.
The ministry of electronics and information technology has secured legal opinion from the attorney-general who has said that imposing customs duty on phones will not violate the Information Technology Agreement (ITA), an international pact which mandates signatory countries to allow duty-free imports of certain electronics products. Click to read more
Shares of Kolte-Patil Developers touched 52-week high of Rs 204, rising 7 percent intraday as the company has signed largest redevelopment project.
“The company has strengthened its Mumbai presence by signing its largest private society redevelopment project till date, Dahisar Shree Avadhoot co-operative Housing Society, having a plot area of 15,035 square meters,” as per company release.
“Our focus in Mumbai is on generating strong ROCE’s and reducing our working capital cycle,” Gopal Sarda, CEO, Kolte-Patil Developers said. Click to read more
New tax regime will soften inflation, says Revenue Secretary Adhia
Fourteen state legislatures will approve their respective State Goods and Services Tax (SGST) laws by mid-May, according to Revenue Secretary Hasmukh Adhia.
Addressing a GST Conclave here on Tuesday, he said all states were expected to pass their SGST laws by May-end to ensure that the GST regime was rolled out by July. Click to read more
The country’s greatest indirect tax reform in history, the goods and services tax (GST), is expected to give a boost to the overall economy, but it may especially give a leg-up to the digital and broadcast media.
As per the model GST law tabled by the government, expenses incurred on advertising will be available for input tax credit on taxes paid on advertisements.
Under current taxation laws, advertising spend is treated as manufacturing expense and no input credit on sales tax and VAT is available. Click to read more
With the central and state governments laying down the groundwork for the roll-out of the goods and services tax (GST), Karan Choudhury spoke to Krishan Arora, partner, Grant Thornton India LLP, on how the new indirect tax regime would impact the e-commerce sector. How is the e-commerce industry preparing for the GST roll-out? E-commerce players are getting detailed GST analysis undertaken to assess impacts and changes on various facets including financials, cash flows, working capital, IT changes, and compliances. Do you think the industry would be looking at. Click to read more
The Goods and Services Tax (GST) is targeted to be implemented from July, 2016. The Bill, termed as the biggest taxation reform measure since 1991, was conceptualised back in 2004, during the era of Atal Bihari Vajpayee. The two subsequent reigns of UPA government headed by Dr Manmohan Singh drafted the legislation. After facing parliamentary logjam for nearly a decade, GST was finally cleared all the hurdles in the recently concluded Budget session. Centre has released a step by step guide to understand the GST for commoners. Click to read more
The meeting of the National Board for the micro, Small and medium sector, the highest policy making body for the 4 crore plus MSMEs, is going to be held on 27th April, 2017 at Vigyan Bhawan, New Delhi.
While the agenda proposes to take up a large number of issues important for the growth of the sector, GST is conspicuously absent in the agenda.
Termed as the real game changer of the Indian economy since independence, GST is expected to be in force from 1st June, 2017, just a month after. Click to read more
The GST regime may see a marginal increase in service tax on certain services, Revenue Secretary Hasmukh Adhia said on Tuesday. He, however, did not elaborate the quantum of increase in the service tax rate.
The service tax rate is currently at 15% after including the two cesses — Krishi Kalyan and Swachh Bharat.
However, the service tax rates lower than 15% for certain services such as transport sector. Adhia, addressing reporters at a GST conclave on Tuesday, said that those will continue to enjoy a lower service tax regime. Click to read more