The biggest reform in the indirect tax regime is set to get implemented very soon. Instead of different types of taxes—central, state, local and so on—soon there will be only one tax: the Goods and Services Tax (GST). Like any other sector, real estate will also come under the ambit of GST. However, as of now, there is lack of clarity on various aspects such as whether the rate of GST will remain at par with current applicable taxes and whether affordable or low-cost housing will remain out of the GST’s ambit. Read on to know what impact GST will have on the real estate sector in India. Click to read more
A disillusioned, distant and doubtful journey on GST began in the early months of 2015. Skeptics felt the journey could end well before the destination. Politics ensured that there were more disruptions than debates on the GST bill. They tossed it between houses before consensus was built and the GST was finally passed into law in March 2017. The roll out date has been fixed for July 1. Click to read more
No one knows yet if the implementation of the goods and services tax (GST) will be inflationary. The Government would like us to believe it will not be. Because multiple taxes at the Central and State levels are to be subsumed into GST, and full credit allowed for taxes paid through the value chain to businesses, the cascading effect would mostly end when the new taxation regime replaces the existing one. The lower impact of cascading taxes would normally have a calming effect on prices and even lower several prices, thus cooling inflation. Taxes on services would be higher and so there would be some inflationary push from services consumption. Click to read more
The All India Tax Advocates Forum (AITAF) has asked the government to ensure confidentiality of details furnished by assesses under the new Goods and Service Tax regime.
“While framing the GST Rules, adequate safeguards of the information provided by the assessee like records, accounts, returns and statements to the tax under the new tax system must be ensured and penal provision be made for un authorised disclosure or leakage of such information,” AITAF President MK Gandhi said in a statement. Click to read more
A complex and higher goods and services tax (GST) structure can pull down gold consumption in India by 4% in 2017 to 650 tonnes, compared with 675.5 tonnes last year, said a senior World Gold Council (WGC) executive, adding that if the tax incidence on the yellow metal in the post GST regime is not below 12%, then chances of gold entering through the grey route will increase. Click to read more
Gearing up for Goods and Services Tax (GST) rollout from July 1, the revenue department has recommended a proposal for provisional and ad-hoc promotion of 116 IRS (Customs and Central Excise) officers to the commissioner grade to the Appointments Committee of the Cabinet.
In a meeting of the Departmental Promotion Committee held on April 5 for ad-hoc promotions of officers from 1993 to 1996 batches, the revenue department has recommended clearing backlog of promotions for 2014-15, 2015-16 and 2016-17. Click to read more
If you are suffering from any illness and need regular medication, be warned that chemists are not stocking medicines and drugs beyond one week in anticipation of any setbacks brought about by the introduction of the goods and services tax (GST) regime, DNA reported on May 2.
According to the Times of India, worried that they could suffer losses on account of a possible mismatch between tax payouts and tax refunds under the GST regime, stockists have decided to maintain a minimum inventory at hand. In fact, they have even started returning their stock to pharmaceutical companies. Click to read more
Union Road Transport, Highways and Shipping Minister Nitin Gadkari on Thursday said that with demonetisation(DeMo), a GST regime and efforts to augment infrastructure, India’s revenue receipts could touch Rs30 lakh crore in the next two years.
Inaugurating the maiden India Integrated Transport and Logistics (IITL) Summit which saw various Government departments join hands on a single platform, Gadkari said that the Government is working on an integrated transport policy and creation of world-class infrastructure could propel India on the path of development and wipe out poverty. Click to read more
Central Excise Department (J&K), organized a workshop on Goods and Service Tax (GST) in collaboration with Bari Brahmana Industries Association at BBIA Bhawan here today.
Lalit Mahajan, BBIA president, Varun Singla, vice president, Ajay Langer, general secretary, Viraaj Malhotra, secretary BBIA and others accorded welcome to Parkash Chaudhary, Assistant Commissioner (OT), Central Excise Commissionerate, Jammu, the Range staff of Central Excise Range, II and III, Satwari, Harmesh Lal, Superintendent, Bhupinder Singh, Superintendent, Inspectors Neeraj Gupta, Suresh Verma, Simrandeep Singh, and others. A large number of members of BBIA also attended the program. Click to read more