Hyundai Motor India (HMIL) on Wednesday hit out at the frequent changes in tax rates on automobiles saying investment for new products and technology will be adversely impacted in the absence of consistent and long term policy. The GST Council last week decided to hike cess on mid-size cars by 2 per cent, on large cars by 5 per cent and on SUVs by 7 per cent to bring tax rates on these cars at pre-GST levels. Click to read more
Toyota Kirloskar Motor on Wednesday hiked prices of its popular SUVs and sedans such as Innova, Fotuner, Etios, Corolla. The price hike comes two days after government notified the hike in Goods and Service Tax (GST) cess on mid-size sedans and SUVs.
After the hike, Japanese carmaker’s popular model Innova Crysta will be dearer by Rs 78,000. Toyota Fortuner, on the other hand, will now cost Rs 1.6 lakh more. Click to read more
In response to the increase in prices of cars in the new GST structure, Toyota India has responded by increasing the prices of its vehicles across the range. The GST council had earlier this month said that SUVs and large cars will have to pay 2-7 per cent extra tax. Prices of the Toyota Fortuner have gone up by Rs 1.6 lakh while the Platinum Etios sees a price hike of Rs 13,000. Click to read more
The all-powerful GST Council headed by Finance Minister Arun Jaitley is likely to discuss reducing rates of close to 60 items in its next meeting on October 24 in New Delhi.
“Around 100 items was there in the Council meeting’s agenda on Saturday. Only 40 items could be taken up for discussion as we were running out of time. Remaining items will be considered in the next meeting on October 24,” a senior government official told Moneycontrol. Click to read more
Finance minister Arun Jaitley has constituted a Group of Ministers to resolve IT issues faced in the implementation of the goods and services tax and a Committee on Exports to identify steps to the support the export sector.
The Group of Ministers (GoM) has been constituted under the convenorship of Bihar deputy chief minister Sushil Kumar Modi, in order to monitor and resolve IT challenges faced in the implementation of the new direct tax regime. Click to read more
Hundreds of tax consultants in the city participated in a token strike on Tuesday to protest the non-preparedness of the central government over Goods and Service Tax (GST) and the difficulties faced by the trade and professional for its compliance.
The strike was announced by the South Gujarat Commercial Tax Bar Association (SGCTBA). The tax consultants gathered at the Sales Tax Bhavan at Nanpura and held sit-in protest. Later, the SGCTBA office-bearers submitted a memorandum to joint commissioner of commercial tax with a slew of demands. Click to read more
The first month of Goods and Services Tax (GST) collection by the Delhi government brought in over ₹1,000 crore, but officials say it will take months before the impact of the new tax regime can be understood.
The Delhi Department of Trade and Taxes collected ₹1,048 crore as State GST (SGST) in August for the month of July. As per data, it also received ₹336 crore as its share of Integrated GST (IGST), which is applied on inter-State transactions and on import. Click to read more
Hyundai Motor India top boss Y K Koo hit out at the frequent changes in tax rates on automobiles and went on to state that all the changes will have an adverse impact on the company’s investment for new products and technology in India considering that there is an absence of a long term policy. The auto industry has been through a lot in 2016-17 and it all started with demonetization, which affected sales and showroom footfalls drastically. Later on, in April 2017, the Government of India issued a ban on BS-III fuel and then in July this year, GST kicked in which was supposed to be a promising move for the industry. Click to read more
The goods and services tax (GST) is creating a range of new problems for a group already living difficult, marginalised lives – ragpickers. The tax rates on the items they sell have gone up immensely; recyclable plastic, for instance, taxed at 5.5% before, is now in the 18% bracket.
Reports from across the country have talked about how this has made the occupation unviable, eating away at the little income it was providing. Vijay Kumar, a 37-year-old ragpicker living near Chennai’s Kodungaiyur dump yard, told the New Indian Express that his earnings of close to Rs 10,000 a month (after working 12-hour days) is now down to Rs 4,000. One kg of empty milk packets could be sold by ragpickers for Rs 20, the newspaper reported; now the price has halved to Rs 10. Click to read more
The government cannot change fuel prices on a knee-jerk basis, petroleum minister Dharmendra Pradhan said on Wednesday as stocks of state-run oil marketing companies (OMCs) tanked by as much as eight per cent following recent hikes in transport fuel prices.
Under the daily revision of fuel prices, petrol in Mumbai on Monday cost Rs 79.41 a litre, breaching the level it last touched in August 2014. Petrol per litre on that day cost Rs 70.30 in Delhi, Rs 73.05 in Kolkata and Rs 72.87 in Chennai. Click to read more