GST Ready India

GST Ready India’s Latest News and Updates

GST impact: Small businesses could under-report income initially

Apr 20, 2017

GST to be a Growth Booster for India After Demonetisation Drag

India continues to be a bright spot for global investors, who are looking forward to the goods and services tax regime after the demonetisation shocker. Talking about the latest World Economic Outlook, Gian Maria Milesi-Ferretti, deputy director of research department at IMF tells News18’s Marya Shakil that global growth will remain uneven and structural reforms are need of the hour. Edited excerpts: Click to read more

Impact of GST on Real Estate

The impact of GST on real estate will depend upon the abatement allowed on agreement value, says CRISIL survey.

From the point of view of consumers, the impact of GST on the real estate sector will hinge on its effective implementation rate.

In the residential segment, completed properties do not attract service tax and so will have no impact of the implementation of GST. Click to read more

The art of doing business under GST

Most of India’s business transactions will soon move through the technology-led GST system. This will change the way firms interact with each other and with the Government.

As close to one crore firms/persons will start using this system soon, it would be useful to understand how a firm will complete a simple business transaction under GST. Click to read more

GST impact: Small businesses could under-report income initially

When the nationwide goods and service tax rolls out on July 1, it is likely that micro and small enterprises will under-report their yearly income. Firms might do so to stay in the Rs 20-50 lakh bracket so that a low tax rate of 1-2 per cent applies to them.

Increased compliance under GST will benefit firms in the long run by providing them access to cheaper capital and lower input costs, in the short term, the switch from the unorganised to organised sector will make them less competitive. Click to read more

Road Tax Not To Be Subsumed Under GST: Former CBEC Chairman

Road tax paid by automobile owners will not be subsumed under the GST (Goods and Services Tax), said Najib Shah, former Chairman, Central Board of Excise and Customs (CBEC), on Tuesday.

Shah disclosed this during his address to the managing committee members of the PHD Chamber of Commerce and Industry here. Click to read more

Gold jewellers in a fix as confusion over GST levy continues

As the rollout deadline nears for a national goods and services tax (GST), there is ambiguity on its applicability to gold jewellery.

A section of jewellers considers making charges as a service charge and shows this separately while billing. If a service, the applicable rate would be 18 per cent, by the draft GST guidelines. Click to read more

Deskera published an article titled “GST would mean clutter-free highways” in Forbes India Magazine

The GST will be implemented this year. The new law is expected to help the overall growth of economy and a softening in prices and may even translate into a 2 percent GDP growth, according to experts. Besides making taxation simpler, the GST will impact all industries, of which the most remarkable effect is expected to be on transport and highways.

India’s logistics industry is worth over $130 billion and is critical to the country’s plans to mature into an economic superpower. However, it wouldn’t be possible unless a more efficient logistics industry is in place. The GST is expected to remove bottlenecks in the full-fledged development of logistics infrastructure and lead to smoother transport system. Click to read more

Taxing times

The April 14 Tamil New Year releases took just an average opening at the box office, due to stiff competition among themselves.

Despite their ‘U’ certificate and tax-free status in the State, the trade says it made little difference. In contrast, critically-acclaimed films like Dhuruvangal Pathinaaru and Maanagaram , both ‘UA’-certified films suffered due to the skewed tax and censor policy. Click to read more

Tata Motors Forecasts Revival in Truck Sales Once GST Rolls Out

(Bloomberg) — Tata Motors Ltd., owner of Jaguar Land Rover, expects a strong revival in truck sales in India after the start of a nationwide tax in July spurs buyers to return to showrooms.

Mumbai-based Tata Motors’ commercial vehicle sales rose 1 percent to 385,373 units in the year ended March, and deliveries in the first three months of the year that began April 1 are expected to be subdued, as customers hold off purchases until the rates for the goods and services tax are announced, Executive Director Ravindra Pisharody said. Click to read more

India: Finance Ministry turns down Apple’s tax break request

APPLE will have to do without tax concessions in India for the time being as the Finance Ministry has not accepted its demands, instead referring the company to the council that oversees taxation on goods and services (GST).

Earlier this year, Apple announced plans to start making its iPhones in Bangalore by the end of April in a bid to comply with Prime Minister Narendra Modi’s “Make In India” campaign. It requires smartphone makers to produce 30 percent of their product’s components on Indian soil in order to open a retail location in the country. Click to read more

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