For one, let me come out of the corporate closet. As far as goods and services tax (GST) goes, I sincerely believe that the “one nation one tax” regime may benefit India in the long run.
Now with a hope that my assertions may not be construed as politically motivated: let’s discuss what a recent press information bureau statement said: “that GST in fact doesn’t increase tax rate on sanitary napkins.” Click to read more
As consumers, we are hardly aware of the components included in the restaurant bills. Next time do check your bill to see if the proper GST or goods or services tax rate has been levied. The Central Board of Direct Taxes (CBDT) on Tuesday clarified on rates of GST for restaurants.
Food served at restaurants attract tax at two rates under GST – 12 per cent and 18 per cent (including both CGST (Central GST) and SGST (State GST)) – depending on whether it is an AC restaurant or whether the restaurant has the licence to serve alcohol. Click to read more
Family outing on dinner once a week at a decent city hotel was a routine for Sunil Kumar Batra, a senior executive with a private company posted in the state capital. But, after the new tax regime under Goods and Service Tax (GST) was rolled out on July 1, he is thinking twice before stepping out with family for dining.
There are many people in the city like Batras, who are yet to come to terms with the new tax regime and have cut down their visits to the favourite restaurants and hotels. Click to read more
Restaurants, hotels and eateries should cut rates on food items in their menu to reflect the benefit of being able to set off tax paid on inputs under goods and services tax (GST), revenue secretary Hasmukh Adhia said on Tuesday.
He also said that GST will be levied on entire sum of food bill, including service charge, in a restaurant, while the value of alcohol or alcohol products consumed will attract value added tax (VAT). Previously, a service tax was levied on the bill. But the tax the hotel or restaurant operators paid on inputs could not be set off against the tax on final bill. Click to read more
After the country’s largest tax reform, the goods and services tax (GST) came into force on 1 July, several industry experts feel road may not be smooth for several sectors in the course of transition to the new tax regime in the near term.
Experts weigh in with their views
Surendra Hiranandani, Chairman & MD, House of Hiranandani
While the intent is to streamline the tax administration and bring more businesses in the tax net, it is unlikely that GST will have any impact on property prices. We feel that the current rate of 12 percent on under construction projects might marginally bring down prices in the affordable segment owing to the input tax credits, but it is unlikely that similar impact will be felt in the mid-priced or premium housing projects. Click to read more
Keep an eye on price rise and shortage of any commodity, report immediately in case of software glitches and complaints from traders, and file weekly reports by Sunday – this is a fresh directive to all central ministries from cabinet secretary PK Sinha, who has initiated a mechanism to keep ground level checks on the implementation of the goods and services tax regime.
Sinha has written to secretaries of all ministries to put in place a grassroots mechanism to report price rise post-GST, software glitches, trader complaints, shortage of commodities and stakeholders who still have not switched to the new taxation regime. Click to read more
Godrej has decided to reduce the price of its locks as tax burden gets eased by five to seven % post Goods and Services Tax (GST).
“With GST a tax 18 % will be levied on our locks. We have decided to pass on the benefit to the consumers by suitably revising its wholesale and retail prices across the country,” Godrej Locking Solutions and Systems VP and business head Shyam Motwani told PTI. Click to read more
Most of the fears which preceded the rollout GST, have been proved unfounded, according to S K Panda, Chief Commissioner, GST and Central Excise, Eastern Region.
Panda was interacting with a group of industry members at a session titled ’10 Days of GST Roll-Out: Experience Sharing’ organised by CII here today, said “So far, so far good … Initially, there were lots of questions, doubts, apprehensions even inhibitions about GST. There were even fears of price escalations. But in reality, nothing of that sort has happened”. Click to read more
The Tamil Nadu Powerloom Federation Limited has urged the Chief Minister to request the Centre to exempt weaving industry from the Goods and Services Tax (GST).
A delegation of the Federation led by its president M. S. Mathivanan called on Chief Minister Edappadi K. Palaniswami at the Secretariat and presented the petition in the presence of Handlooms Minister O. S. Manian and Transport Minister M. R. Vijayabaskar.
In the petition, Mr. Mathivanan stated that no central excise, sales tax or service tax was levied on the weaving industry so far in the country, as the yarn used in weaving process was already taxed. Tax was again paid for the fabric at the processing stage. Click to read more
The opposition to the goods and service tax (GST) is growing among textile traders in the state.
The traders in Munbai market will decide on Wednesday whether to go on a strike to protest against GST imposed on their trade.
Mumbai is one of the oldest and biggest textile trade markets in India.
Textile traders in Ahmedabad are already on an indefinite strike since Monday to protest against the new tax regime.
Merchants in Bhiwandi in neighbouring Thane district started their strike from Monday. Click to read more
Tags: Benefits of GST, GST, GST 2017, GST Bill, GST Council, GST Impact, GST Implementation, GST India, GST Latest News, GST Law, GST Model, GST News, GST Rates, GST Reform, GST Rules, GST Tax, Impact of GST