GST Ready India

GST Ready India’s Latest News and Updates

GST may raise gains by 5% in 3 years: Indian retailers

Aug 25, 2017

Will India Inc shine in GST era? Here’s what Q1 commentaries from 13 sectors suggest

Even as the June quarter numbers from India Inc has come a bit less than estimates, the market has held up its year-to-date gains so far, taking comfort from the fact that the weak performances by India Inc for the quarter were a product of GST hiccups.

ICICI Securities called it a ‘Mirage of hope’ that may continue to disappoint investors in the short term.

The brokerage expects a 16 per cent earnings CAGR for Nifty50 firms over FY17-20 (of which a bulk of high growth would come towards the back-end), building in further earnings downgrades for FY18 and FY19. Click to read more

GST has hit exports and small enterprises, says Amit Mitra

GST rollout has hit exports; it has neither benefited small and medium enterprises nor has there been a smooth transition to the new regime, West Bengal Finance and Industry Minister Amit Mitra, has said.

After an apparent pro-industry stand by extending support for the GST, the ruling Trinamool Congress has gone all-out in opposing the tax regime. From multiplicity of tax slabs to inconvenience to small traders, the party has raised a variety of issues. Click to read more

Centre ‘not adamant’ on GST rates, can be relooked: Meghwal

The Union Government is “not adamant” on GST rates and it could be relooked by the GST Council depending on revenue realisation, Minister of State for Finance Arjun Ram Meghwal said on Friday. “We have to see the revenue realisation first. Government is not adamant on the rates. We have a federal structure. We have to take the view of the states also in the GST council,” he said.

During his interaction with the business community at the Greater Kochi Economic Forum, organised by ‘Janmabhumi’ daily here, entrepreneurs in the startup business expressed concern over the service tax shifting from 13 to 15 and now 18 per cent. Click to read more

‘First return filing under GST progressing smoothly on last day’

Unlike the technical snags faced by traders earlier, the first return filing under the Goods and Services Tax (GST) was progressing smoothly on Friday, the last day to file form GSTR-3B, tax accountants said.

August 25 is the last date for filing GSTR-3B form, which is a summary return of details of outward supplies, inward supplies, credit and payment of GST, for the month of July.

“Today, GSTR-3B filing is a smooth ride. The portal is working without technical snags. In a few cases, taxpayers have already uploaded their details and have informed that it is much faster,” chartered accountant Jigar Doshi, Partner, SKP Business Consulting, told IANS. Click to read more

96.5 pc businessmen in MP enrol for GST

Aug 25 Nearly 96.5 per cent of the business establishments in Madhya Pradesh have enrolled for the Goods and Services Tax (GST) system, a senior official said today.

However, a city-based traders’ body claimed that the GST has not simplified the tax payment process.

As per the latest figures, around 3,00,947 business establishments out of 3,12,518 registered ones have got enrolled with the state’s commercial tax department (CTD) for GST, the department’s deputy commissioner (computer) Dharampal Sharma said. Click to read more

Impact of GST on Pharmaceutical Industry

2016-17 has been tenure of prolific significance, as India saw a plethora of reforms, set to change how the market functions. Amongst the lot, GST is the single biggest tax reform which all industries are witnessing today. Yet, there is a great deal of ambiguity surrounding it as its impact on various industries like pharmaceutical industry is unknown today, creating a lot of uncertainty in the whole supply chain. To comprehend the impact of GST, we need to get grips on the intricate spectrum of pharmaceutical supply chain. On one end is pharmaceutical product manufacturers, contract and API manufacturers and the marketing companies which market product across the country while on the other hand are Carrying and Forwarding Agents(C&F), distributors/wholesalers and retailers. Click to read more

West Bengal Sweetmeat Makers go on Hunger-strike Against GST

Close to a hundred representatives of various sweetmeat makers from across West Bengal began a three-day relay hunger strike on Friday to protest the imposition of Goods and Services Tax (GST).

The strike coincides with the occasion of Ganesh Chaturthi, a day when sweets from ‘barfi’ to ‘modaks’ are in high demand.

The hunger-strike comes days after a state-wide strike by sweet manufacturers against the new tax regime. Click to read more

GST may raise gains by 5% in 3 years: Indian retailers

The goods and services tax (GST) regime may increase overall benefits of retailers by up to 5 per cent over the next three years due to gains derived from supply chain efficiency, better capability for sales growth and ease in shipping items without the cascading impact of tax, Retailers Association of India (RAI) CEO Kumar Rajagopalan has said. Click to read more

Kerala: GST mess puts a hole in festive season shopping

In spite of the Onam and Bakrid festive season being on in full swing, no buyers seem to be excited about shopping. The reason is that there is no variety in fashion trends, designs and products. Due to the GST tangle, no merchants have manufactured or launched new products or designs, according to the wholesale and retail merchants here. The fashion that was launched in footwear, accessories and clothing during the Christmas, Eid and Vishu season has been repeated even for this festive season, which is considered as the busiest shopping season of the year. According to the sellers, they are experiencing the worst shopping season ever. Click to read more

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