Tax officials to send 50,000 letters to Prime Minister for successful GST
At least 50,000 letters will be sent by indirect tax officials to Prime Minister Narendra Modi seeking his intervention to ensure successful roll-out of Goods and Services Tax (GST).
A decision in this regard was taken during a meeting of representatives of All India Association of Central Excise Gazetted Executive Officers and those from Indian Revenue Service (Customs and Central Excise). “We have decided that each employee working under Central Board of Excise and Customs (CBEC) will write a letter to the Prime Minister seeking his intervention for the successful GST. Click to read more
No GST credit if vendors aren’t paid in 90 days: Experts
The Government necessarily needs to be sensitive to the negative impact on the Industry both in terms of cascading tax impact, double taxation and also the uncertainty that the possibility of denial of credit leads to. There can be several genuine reasons on account of which payments could get delayed.
The Government circulated draft of the GST Model Law requesting for suggestions from the industry . The industry and experts have been poring over the draft. The article seeks to highlight the need to reconsider one of the provisions related to input tax credits. The proposed GST Legislation appears to deny tax credit in relation to input services for which payments are made after three months of the date of the invoice of the supplier. In fact the proposal mandates payment of interest inaddition to the denial of credit. Click to read more
Tulsian tells: How GST will impact the unorganised sector
Once the Goods & Services Tax (GST) is implemented, there will be some hiccups in first three months. But it will be positive for many sectors like tile and leather products, said SP Tulsian of sptulsian.com. However, he added that it will be difficult to ascertain how much of unorganised sector will get flown into the listed companies. Click to read more
Tax officers say GST will curtail their career growth, write to PMO
An association of tax officers has written to the Prime Minister’s Office (PMO) expressing apprehensions over the implementation of the Goods and Services Tax (GST) and its impact on the central government’s revenue collection.
In the 11-page letter, the association has expressed reservations against the limitation on the functions of central officers in charge of indirect taxes. These are officers from the Indian Revenue Service (IRS), in the central government departments of customs, central excise and service tax. The officers feel that their career growth will be stunted with GST. Click to read more
Goods and Services Tax (GST): 5 things you need to know about the new tax system
Goods and Services Tax (GST) will be implemented from July 1, the Economic Affairs Secretary has confirmed. The final consumer will now bear only the GST charged by the last dealer in the supply chain.
Goods and Services Tax (GST) has been a hot topic of debate from the day the concept was mooted. It seeks to abolish taxes like VAT and bring the entire taxation regime under one umbrella — a step that will simplify tax matters. Let’s have a look at 5 things you need to know about the new tax system that will be implemented from July 1. Click to read more
Logistics stocks rally up to 7% as July 1 GST implementation looks likely
Shares of logistics companies soared up to 7 per cent in Tuesday’s trade after Economic affairs secretary Shaktikanta Das said that GST will be implemented by July 1 this year.
Following the development, shares of GatiBSE -1.43 % shot up 6.82 per cent to hit a high of Rs 131.60 on BSE. Snowman Logistics soared 6.74 per cent to Rs 61. Alcargo Logistics advanced 5.36 per cent to Rs 174. Sical LogisticsBSE -1.63 %, VRL Logistics and Blue DartBSE 0.24 % gained up to 3 per cent. Click to read more