India is scrambling to finalize technology to process as many as 3.5 billion invoices each month as it moves to roll out the landmark goods and services tax (GST) from 1 July.
The success of one of the world’s largest and most complex tax reforms depends on the glitch-free performance of the goods and services tax network (GSTN)—the IT backbone of the new system that will eliminate a complex web of state and federal taxes and make India a unified market. Click to read more
The government may slap customs duty on imported mobile phones after switching to the goods and services tax (GST) regime as it seeks to give a boost to local manufacturing, ward off Chinese imports and induce companies like Apple to make in India. Such a move could, however, increase the price of imported smartphones by 5-10%. Click to read more
As with most consumer goods companies, Emami, a Kolkata-based FMCG major, is gearing up for the goods & services tax (GST), to commence on July 1. NARESH BHANSALI, its chief financial officer, talks to Viveat Susan Pinto on the preparations. Edited excerpts:
What changes have been introduced in your organisation in the run-up to GST?
GST preparedness is an ongoing process, something we began about a year ago. The point is to understand the impact of this new tax regime on business. Click to read more
As the goods and services tax (GST) enters the final lap before taking effect, consumer goods companies are working round-the-clock to meet the July 1 deadline. Whispers of a possible extension in the deadline were quashed on Sunday by the Prime Minister, urging states to clear their respective State GST Bills without delay. The Central, Integrated, Union Territory and GST Compensation to States Bills were cleared earlier this month by Parliament. Click to read more
After Indian Independent Act of 1947, Goods and Services Tax (GST) is probably the only bill which has taken longest-ever time to be passed and become an Act. First announcement to introduce GST was done in 2010, and it is expected to be implemented from July 1, 2017.
The bill aimed at simplifying Indian tax structure is finally on the verge of turning into reality after a consistent struggle of over a decade involving many central and state governments, over 31,000 industry trained professionals and over 18,000 man hours by GST Council. Click to read more
New Delhi: The government has said that the tax rate on services under the new goods and services tax (GST) regime under two slabs.
A report in the Live Mint said that finance minister Arun Jaitley is likely to limit the tax rate on services at 12 and and 18 percent.
The GST, which will subsume central excise, service tax, Value Added Tax (VAT) and other local levies, is scheduled to be rolled out from July 1. Click to read more
The Shiv Sena on Wednesday demanded uniform fuel prices across the country and sought compensation for the local civic body post-GST roll-out on account of revenue loss due to abolition of octroi.
A delegation of senior Sena leaders, led by Maharashtra Minister for Industries Subhash Desai and Rajya Sabha MP Anil Desai called on Chief Minister Devendra Fadnavis yesterday at the latter’s residence Varsha and raised a host of issues. Click to read more
Tata Motors expects the second half of current financial year to be strong for growth of commercial vehicles (CV) especially after the roll out of Goods and Services Tax in July. “We believe period after October 2017 to be better period for commercial vehicle manufacturers, once the GST is rolled out and there are no border checks,” Ravi Pisharody, executive director, commercial vehicles at Tata Motors said while announcing the readiness of company’s BS IV vehicles with fuel emission technologies like Engine Gas Re-circulation (EGR) and Selective Catalytic Reduction (SCR). Click to read more