The landslide win of the Bharatiya Janata Party (BJP) in Uttar Pradesh, coupled with Goods and Service Tax rollout by middle of this year, is making India Inc optimistic of the future with CEOs saying there is enough stimulus for private companies to restart investments in the coming years.
Increased government spending in infrastructure projects including metro rail projects and new airports would also help revive demand of key private sector companies, they said. Click to read more
Our nation is on the brink of GST, a single unified indirect tax system. This is the largest taxation reform in the indirect taxation regime and it subsumes a host of indirect taxes.
GST introduces the concept of seamless flow of input tax credit across the supply chain (from manufacture till it reaches the consumer) and across state borders. Secondly, supply being the taxable event under GST, the concept of Manufacture, Trade and provision of services become irrelevant. Click to read more
The inquiry into the probable case of service tax evasion by Goods and Services Tax Network (GSTN) — which is creating the IT backbone for the new indirect tax regime — is still on, Central Bureau of Excise and Customs (CBEC) Chairman Najeeb Shah said.
“It’s an inquiry which is going on. GSTN is giving services and is receiving payments, so it has to pay service tax,” Shah told IANS in an interview. Click to red more
Logistics costs in India are 13-15 percent of the product cost, while the global average is six percent. According to McKinsey, the current wastage caused by inefficient logistics is equal to 4.3 percent of the GDP, and, if not corrected, will increase to five percent of GDP or $100 billion by 2020.
Anand Thambe is a Nagpur-based lorry driver, who makes at least Rs 30,000 a month by ferrying agricultural produce over long distances in his seven-ton truck. He gets his business from at least seven agents in Nagpur. His got his latest business when a large retailer from Bengaluru ordered seven tons of oranges for Rs 55,000. Thambe was entrusted with the delivery of oranges to Bengaluru, a distance of 975 km, by one of the agents in Nagpur who, in turn, had been contacted by a transport company contracted by the retailer. Click to read more
First, the big picture. The victory fashioned by Modi in India‘s politically most important state will inevitably be seen as a thumbs up for demonetisation; the failure of the Aam Aadmi Party in expanding beyond Delhi will also reassure those who want no threat, however small, to a dominant single party at the Centre.
The BJP tsunami in Uttar Pradesh will counter any impact of feared rate increases in the United States and send markets climbing towards Mount 30k after a saffron-splashed long Holi weekend. But what can an emboldened PM Narendra Modi incrementally deliver that markets should watch for and how should investors’ position portfolios for the medium term? Three key themes should get a boost – fiscal prudence, anti-corruption and GST. Click to read more
Business Wire India – For Indian real estate, a series of government-lead reforms, including implementation of Goods and Services Tax (GST), as also RERA, demonetization and the law on ‘benami’ ownership of property, will change how business is transacted in the real estate industry – for better.
The GST Council, in its eleventh meeting last week, gave in-principle approval to the two key draft laws of Central GST (CGST) and Integrated GST (IGST). Click to read more