GST Ready India

GST Ready India’s Latest News and Updates

GST Anti-Profiteering Authority: A Double-Edged Sword?

Nov 27, 2017

Brokers’ body asks govt to reduce GST, scrap STT, dividend tax

The government should reduce GST on brokerages to 12 per cent as well as scrap taxes on securities transactions and dividends, according to a leading stock brokers’ group.

As preparations for the Union Budget 2018-19 is underway, the Association of National Exchanges Members of India (Anmi) has flagged concerns about the Goods and Services Tax (GST) regime creating “some difficulty” in the financial market. Click to read more

India may adopt item-based anti-profiteering rules to benefit users

India is likely to adopt a product-specific approach to impose anti-profiteering provisions to ensure that consumers get the full benefit of price cuts due to the goods and services tax (GST), including recent revisions.

This means that a company will not be able to reduce prices of slow-moving products in its portfolio while keeping those of fast-moving ones high. “Reduction in overall tax incidence will have to be passed on,” said a Central Board of Excise and Customs (CBEC) official. “The authority will examine input tax credit flowing into a product and reduction in total tax incidence when it gets a complaint.” Click to read more

GST Anti-Profiteering Authority: A Double-Edged Sword?

The GST was meant to reduce tax on consumers. It contained a slew of measures, such as removing cascading of taxes and reducing tax compliance, transportation and other logistics costs. Removal of many taxes was to be achieved by providing a seamless flow of input tax credit to the supply of goods and/or services throughout the supply chain. The availability of input tax credit at every stage of flow of the supplies was to ensure that the incidence of tax was only on the value addition. Click to read more

Big companies will be caught if they don’t pass on GST benefit to consumers: Hasmukh Adhia

Finance Secretary Hasmukh Adhia on Saturday said it is mandatory for the big companies to pass on the benefit of reduced Goods and Services Tax (GST) to the end-consumer or else the government will act against them.

“We have now reduced taxes on bigger items. If we see any anomaly we will not get hold of the small retailers, we will catch the bigger companies,” Adhia told DD News. Click to read more

Here’s what you can do if a restaurant overcharges even after the GST rate cut

The government may have slashed Goods and Services Tax (GST) rates of 178 products last week, but entities are finding some dubious ways of not passing on this benefit to you, the consumer. Have a look at what restaurants are doing after GST rates were slashed. It has come to light that some restaurants, including some big names, have increased their prices post the reduction in rates thereby not passing on the benefits to customers. The likes of McDonald’s and Starbucks have got queries from tax officials seeking details about menu prices before and after the latest reduction in prices. Click to read more

What are GST, demonetisation, Swachh Bharat doing in films? Inspiring stories, that’s what!

Politics has frequently been the subject of films in India — that includes mainstream Bollywood films — but an interesting new trend is the way specific government policies, e.g. GST, Swachh Bharat Abhiyan, demonetisation etc, are now finding their moment on the silver screen.

The film Toilet: Ek Prem Katha, a love story starring Akshay Kumar and Bhumi Pednekar, spread the spirit of Swachh Bharat perhaps more effectively than any government campaign could. Tamil star Vijay’s action thriller Mersal (meaning ‘shocking’) has a reference to GST (Goods and Services Tax). Earlier this year, the Bengali movie Shunyota (meaning ‘emptiness’), directed by Suvendu Ghosh, was based on the impact of demonetisation, a subject that also inspired the Malayalam film Puthan Panam (meaning ‘new money’), starring Mammootty. Click to read more

Centre Will Look Into Concerns on GST: Jaitley to Surat Textile Traders

Union Finance Minister Arun Jaitley on Sunday met representatives of Surat’s textile industry and assured them that the Centre will look into their concerns.

Jaitley’s outreach to Surat textile traders comes ahead of polls. Congress vice-president Rahul Gandhi had spent a full day, November 8, the first anniversary of demonetisation, here and had heard the problems of the textile workers. Click to read more

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