The government today said foodgrains, flour, milk, vegetables and fruits will get cheaper by up to 5 per cent once the Goods and Services Tax is rolled out.
The government has exempted cereals, pulses, atta, maida and besan from the GST, which will be implemented from July 1. Click to read more
Seeking support from Members of Parliament and state legislatures for creating mass awareness for Goods and Services Tax (GST), Finance Minister Arun Jaitley on Thursday requested all political parties to understand the fine print of the indirect tax regime, so as to provide help to people and trade and industry as and when it’s needed. Jaitley, in a letter to the presidents of various political parties, acknowledged their cooperation in passage of the constitutional amendment for GST, which is proposed to be rolled out from July 1. Click to read more
Even as consumers will face a slightly higher tax rate in gold after the Goods and Services Tax (GST) is rolled out this July, the overall impact on the gold industry will be positive, World Gold Council today said.
“On 1st July, India’s labyrinth of taxes will be replaced with a simple, nationwide GST. This is the biggest fiscal reform since India’s liberalisation in the early 1990s,” WGC said in a report here. Click to red more
In a series of tweets today evening, Ministry of Finance informed that daily consumer goods will be exempted from taxes under Goods and Service Tax, making them cheaper by four to five per cent.
One of the tweets read, “Daily Consumer goods being used by the common man among others to become cheaper after GST. Click to read more
Two incidents brought home to me that it is still a long haul ahead before the country has an efficiently operating Goods and Services Tax (GST).
The first was the active encouragement by a salesperson in a boutique furniture store to finalise our purchase of a pair of beautiful reclining chairs, which we could not afford, before the onset of the GST. She was trying to save us from impending confusion as the applicable GST rate on luxury furniture was not clear to her. Click to read more
The Goods and Services Tax (GST) will be a reality come 1 July with the government and the GST Council providing the finishing touches on rates, transition provisions, return formats etc. in the meeting that concluded over the weekend.
When we conjured up this unique idea of the GST Council where both centre and states will sit together in the spirit of cooperative federalism and formulate transaction tax policy for the nation, many doubted the consensus building capacity and efficacy of this august body. Click to read more
The Goods and Services Act on core sectors may be challenging to implement, say experts. The worry is not about filing the returns, but the complexity of managing it and maintaining the records, say industry experts across the sectors.
The final GST rate excludes crude oil, natural gas, petrol, diesel and jet fuel but includes kerosene, liquefied petroleum gas and naphtha. Click to read more
Even as the government is pushing for roll out of Goods and Services Tax (GST) from 1 July, the preparedness of the GST Network (GSTN) –the company with the responsibility of building and maintaining the IT infrastructure for the new tax regime — remains an issue of concern for many stakeholders including the state governments. Click to read more