Global consumer product companies UnileverNSE -1.03 %, Procter & Gamble and Reckitt Benckiser said demand is picking up in India, with growth partly helped by low base due to the demonetisation-induced dip last year. While the impact of the goods and services tax weighed down pricing growth, some said it will recover in the second half of the year.
Unilever, the parent of Hindustan Unilever, India’s largest consumer products company, said consumer demand is picking up after 12 months of disruption and off-take has been good. “India is off to a very strong start. All categories are growing ahead of the marketplace,” Graeme Pitkethly, chief financial officer at Unilever, said on a call with investors. Click to read more
International passengers buying goods at airport ‘Duty-Free’ shops here will have to pay GST, with the Authority for Advance Ruling (AAR) saying that such outlets at the Delhi International Airport is not ‘free from duties’ under the Goods and Services Tax regime.
In the earlier regime of excise and service tax prior to GST roll out on July 1, 2017, the duty-free shops were exempt from the levy of central sales tax (CST) and value added tax (VAT) as sale from such shops were considered as exports and supplies were taking place beyond the ‘customs frontiers’ of India. Click to read more
The Goods and Services Tax came into effect July 1, 2017. In the months since, the GST Council, responsible for monitoring the roll-out of this indirect tax, has made several clarifications and reforms to the original GST Act.
There are three components to GST:
CGST – Central Goods and Services tax, levied on an intra-state sale and collected by the federal government.
SGST – State Goods and Services tax, levied on an intra-state sale and collected by the state governments.
IGST – Integrated Goods and Services tax, levied on an inter-state sale and collected by the federal government. Click to read more
Indian newsprint manufacturers have sought clarification from the government on the condition of ‘actual user’ because, post GST, there has been no mention of any condition on the buyer for domestic newsprint.
Vijay Kumar, secretary general of the Indian Newsprint Manufacturers’ Association, explained that before the implementation of the GST, newsprint could be produced only by registered mills and sold only to registered publishers to avail of concessional taxes. Click to read more
Prime Minister Narendra Modi has helped the cause of the opposition with steps like demonetisation and “very shoddy” implementation of the GST regime, National Conference (NC) working president Omar Abdullah has said, and called on the Congress and other parties to “tweak” their strategy in run-up to the general elections next year to take the fight to the BJP.
“I think in some ways PM Modi has helped the cause of the opposition with demonetisation and then the very shoddy implementation of the GST. It certainly is not all going in the BJP’s favour. Click to read more
An integral part of achieving the ‘no tax evasion’ objective of the goods & services tax (GST) has been the prescription of a requirement for e-way bill (electronic-way bill). Akin to the pre-GST regime requirement of state permits for movement of goods into various states, the GST law has also contemplated a requirement of a document, e-way bill, for any movement of goods exceeding a consignment value of Rs 50,000. While the requirement of a document for movement has been inherited in the GST regime. Click to read more
West Bengal has registered a revenue surplus in State GST collections for March 2018.
In a congratulatory note, the Union Finance Secretary Hasmukh Adhia has pointed out that despite the country registering a SGST revenue deficit of 17.9 per cent for the period, West Bengal has been one of the exceptions. Click to read more
Four more states, including Madhya Pradesh, and Union Territory of Puducherry will roll out the e-way bill for intra-state movement of goods from 25 April.
From 1 April, the government had launched the electronic way or e-way bill system for moving goods worth over Rs 50,000 from one state to another. Click to read more
Union finance secretary Hasmukh Adhia said the proposed single-page GST return filing system will be in place in 3-6 months. At the April 17 meeting, the ministerial panel decided to roll out a simplified model for the GST return filing system, as per which credit could be given on a provisional basis once the supplier uploads the invoice. Also, there was unanimity that the purchaser would have to verify the invoice uploaded by the seller. Click to read more