GST Ready India

GST Ready India’s Latest News and Updates

GST base looks set to be at least 25% wider than earlier tax regime

Aug 17, 2017

No country for uniform gain in dairy products post GST

Indian dairies are staring at a mixed business during the upcoming festive season following the rollout of the uniform Goods and Services Tax (GST) across the country, which now makes certain products relatively expensive in the North and cheaper in the South.

Ghee, which is a major product sold during festivities, had attracted a 5% value-added tax (VAT) earlier in the North as against a 14.5% VAT charged in the South. Post GST rollout, ghee now attracts 12% tax uniformly across the country , making Southern dairies gain marginally up to 2.5% and Nort hern dairies suffer an additional tax burden of some 7%. Click to read more

Here’s how a missing column in GST return form is creating trouble for India Inc

A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax, may simply deduct the dues before the GST kicked in on July 1 and pay a smaller net amount.

The absence of a column in the new GST form for claiming credit on sales made before July 1 this year is causing a lot of worries for India Inc as the filing deadline for the first month of tax returns under GST comes up this week. Click to read more

GST base looks set to be at least 25% wider than earlier tax regime

Sticking to the 1 July deadline for rolling out the goods and service tax (GST) seems to have paid off as far as the number of registered indirect tax assessees, referred to as the tax base, and the potential for a revenue boost to the exchequer are concerned.

The number of indirect tax assessees who have applied for registration or registered to pay GST is set to cross the 10 million mark soon, a 25% expansion from the 8 million assessees registered under the earlier tax system for paying excise duty, service tax and state-level value-added tax (VAT), said a senior finance ministry official who asked not to be named. Click to read more

GST burns a hole in fishing net industry

For a State that manufactures 65% of the country’s total production of 25,000 tonnes of nylon fishing nets per annum, the imposition of Goods and Services Tax of 12% spells big trouble, say fishers.

“Now, the country is confronted with the infiltration of Chinese nets in the market. The Chinese nets are priced less than the price of our raw material. We are getting around 250 tonnes of Chinese nets a month, which is 40% of our internal consumption of mono-filament nets. Click to read more

GST Impact – A Look at ‘Transitioned Needs’ of the Common Man

Since a decade, man has evolved and there has been an evident technological transition as well. Today the needs of a common man have become much more than the traditional “roti, kapda and makaan”. After introduction of the biggest tax reform in the history of India, if the common perception that the Government has fed us, is to be believed then the prices will be cheaper than before. However the reality is a little different. The incorporation of all taxes into one tax i.e. GST, has impacted us all, especially the common man, even though certain services are exempted, the other attract a rate of tax as high as 18%. Click to read more

GST doesn’t spare Lord Ganesh too

Residents of Ongoles have a fancy for celebrating the Ganesh festival with pomp and show. Thanks to the new Goods and Services Tax(GST), Ganesh idols have become dearer this year, dampening the festive spirit.

With increase in the cost of raw material, the idol makers are keeping their fingers crossed over sales with the festival a little over a fortnight away. Click to read more

Could not pass on entire price hike on cotton due to GST implementation: Nandan Denim

Nandan Denim reported a steady first quarter. In an interview to CNBC-TV18, Ashok Bothra, CFO of Nandan Denim spoke about the results and his outlook for the company.

Targeting FY18 topline at Rs 1,600 crore, he said.

Because of the goods and services tax (GST), entire hike could not be passed on to customers, so going forward we are seeing a lot of opportunities for our denim products, he added. Click to read more

GST aftermath:Cross LoC traders pay ‘double tax’, pin on govt’s help

Srinagar, Aug 16: Exempted earlier from taxation, the LoC traders claim that under the new Goods and Services Tax (GST), they now have to pay dual taxes.

The state government had exempted the Cross LoC trade like state’s indigenous businesses from any type of taxation to ensure maximum trade through the route as a part of Confidence Building Measure with Pakistan.

However, the implementation of GST is leaving the traders “discouraged”. Click to read more

Is GST Hurting the Restaurant Business in Tamil Nadu?

In Tamil Nadu, the GST regime has continued to be a source of heartburn for restaurant owners and customers alike.

With prices rising steeply under the new tax regime, customer footfalls have dropped drastically and restaurants have faced losses of more than 35% in the month since GST was inaugurated, claim restaurateurs.

In the new GST regime, small restaurants with an annual turnover of less than Rs 50 lakh are taxed at a rate of 5%, non-air-conditioned restaurants pay a tax of 12%, and air-conditioned restaurants pay a tax of 18%. Click to read more

Cabinet extends sunset clause for north east, hilly states under GST

The Cabinet on Wednesday extended till March 31, 2027, the sunset clause under the Goods and Service Tax (GST) for the duty exemption scheme for industrial units in the north eastern states and the Himalayan states of Jammu & Kashmir, Uttarakhand and Himachal Pradesh — a concession that is estimated at Rs 27,413 crore.

“We have estimated budgetary support of Rs 27,413 crore for the said scheme. The northeast and Himalayan states were entitled to 10 year exemption from excise duty. The challenge was how to transform under GST law. Click to read more

Post GST rollout, cost efficiency alone won’t cut it for logistics firms

Domestic logistics companies will need to adopt differentiated services and not just cost efficiency for their survival going ahead. With the goods and services tax (GST) taking hold, domestic logistics companies are witnessing increased enquiries from customers asking for varied services, setting a new tone for revenue generation. Click to read more

Meghalaya Doesn’t Apprehend Loss Of Revenue Due To GST

The state government is quite confident despite being a consumer state, Meghalaya would not lose much revenue following the roll-out of the Good and Service Tax (GST).

An official of the State Finance department that said that the   state would remain in comfortable position as far as revenue generation was concerned due to the compensation scheme which is an integral part of the GST

Under the compensation scheme, the GST Council has calculated that 14 per cent growth rate will be the basis for compensation to those states whose tax realisation will be reduced. Click to read more

Talk on impact of GST on ad industry

The Hindu and The Hindu BusinessLine will organise a talk on Goods and Services Tax at the Kerala Management Association Hall here on August 18.

The talk is scheduled to start at 3 p.m. Pullela Nageswara Rao, Chief Commissioner of Central Taxes, Central Excise and Customs will be the chief guest on the occasion. Harish, deputy director, directorate general of GST Intelligence, Kochi; Nambi Rajan Narayanan, chief financial officer and company secretary, The Hindu Group; C.S. Suresh, AVP-commercial, The Hindu; and Vivek Krishna Govind, president of KMA, will lead the sessions. Click to read more

GST impact on Indian Pharmaceutical Sector

The Indian pharmaceutical industry is a self-sufficient sector. It is also one of the top foreign earner industries and proudly the third largest pharmaceutical sector in the world. It is disheartening that the pharmaceutical industry has not got any mention in last few budgets. Hence the industry is expecting an increased profit margin with GST’s launch in India. This article will explain GST’s impact on the industry and its challenges. Click to read more

How safe is your data on the GST Network?

India ranks on the 23rd position among 165 countries on the Global Cybersecurity Index (GCI), released by International Telecommunication Union (ITU)—telecommunications agency of United Nations (UN). The organization says greater effort is needed in this critical area. The GCI measures factors such as key areas of organizational, technical and legal, and international cooperation. Additionally, India’s biggest data breach was reported recently in which data of 100 million customers was compromised. Leaked information included customer details, like names, dates of activation, mobile phone numbers, emails, etc. At times, the Aadhaar or Unique Identification Number was leaked. Click to read more

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