The GST rate of five per cent on the textile sector has seen a lot of “positive response” from the industry, a top Central government official said today.
Whether cotton, jute or silk, “we said that the textile sector should have a five per cent GST,” A Madhukumar Reddy, Joint Secretary, Ministry of Textiles, told reporters here.
The same rate applied to the sale of garments with a value of less than Rs. 1,000, he added. Click to read more
The ministry of textiles has received representations from the textile industry requesting the Centre to exempt textile jobs from service tax, and is examining it, according to a senior official.
“These are the recent representations we have received from the industry. We are examining it,” A Madhukumar Reddy, Joint Secretary, Ministry of Textiles, told TOI, to a question on service tax. Click to read more
Traders and retailers can file declarations within 90 days claiming a tax credit for transition stock after the GST rolls out from July 1.
The draft transition rules for the Goods and Services Tax (GST) regime had pegged the time at 60 days.
The transition rules approved by the GST Council provides that “every registered person entitled to take credit of input tax shall, within 90 days of the appointed day, submit a declaration electronically, specifying separately, the amount of input tax credit to which he is entitled. Click to read more
Implementation of Goods and Services Tax (GST) is unlikely to have any significant impact on the price of paints for end-consumers.
In fact, a short term disruption in supplies can be expected for a one to two month period, according to the Indian Paint Association.
According to Abhijit Roy, MD and CEO, Berger Paints and the President of the Indian Paint Association, paints are being taxed under the 28 per cent slab in case of GST; which is closer to the effective rate of tax that the industry is paying at present. Click to read more
People deliberating about buying their dream home might have to wait a little longer before the impact of the proposed goods and service tax (GST) regime becomes clear on their prospective purchase value.
Experts and real estate representative bodies don’t yet have a singular view on the impact of the new indirect tax regime. GST has been fixed at 12% for under construction and new projects. A lot of raw materials like cement and steel have been fixed at a 28% taxation rate. Click to read more
Giving significant relief to car and consumer durables manufacturers, the Finance Ministry on Wednesday released the final rules for transition provisions under the Goods and Services Tax (GST), allowing them to carry forward input tax credit for 90 days, against the earlier provision of 60 days.
The new rules by the Central Board of Excise and Customs (CBEC) also allow dealers and makers of such goods to claim as much as 60 per cent of the input tax credit on stocks lying unsold up to June 30. Higher credit will be allowed for goods that attract GST at 18 per cent or more. For other goods, credit of 40 per cent will be available. Click to read more
GST or Goods and Services Tax, the upcoming indirect tax regime slated for a July 1 rollout, is expected to bring a slew of surprises to the common man. Touted as the biggest tax reform since Independence in 1947, GST will subsume all major levies including excise, service tax and VAT or value-added tax. The Central Board of Excise and Customs (CBEC), a part of the Department of Revenue under the Ministry of Finance, has released a list of GST rates – titled “GST for common man” – on everyday items used by the common man. Items such as unbranded atta/maida/besan, unpacked food grains, milk, eggs, curd, lassi, fresh vegetables and contraceptives are among the items exempted from GST, the CBEC said. “81 per cent of items to fall in/below 18 per cent GST slab. Only 19 per cent (about a fifth) of goods will attract GST above 18 per cent,” it said. Click to read more
For seamless transition to Goods and Services Tax (GST) which is scheduled to be rolled out on July 1, the Central Excise, Customs and Service Tax, Bhubaneswar will hold an outreach programme in the city.
At least 1,000 stakeholders from trade and commerce associations, indirect tax payers and financial experts would attend the programme here on Friday.
On the occasion, Union Revenue Secretary Hasmukh Adhia will moderate a training-cum-orientation workshop. Besides, State Finance Minister Sashi Bhushan Behera will chair a session, said Rakesh Sharma, Chief Commissioner of Central Excise and Customs at a press briefing here on Wednesday. Click to read more
The Goods and Services Tax (GST) will be a reality come 1 July with the government and the GST Council providing the finishing touches on rates, transition provisions, return formats etc. in the meeting that concluded over the weekend.
When we conjured up this unique idea of the GST Council where both centre and states will sit together in the spirit of cooperative federalism and formulate transaction tax policy for the nation, many doubted the consensus building capacity and efficacy of this august body. But the manner in which the Union finance ministry and members of GST Council in their various meetings have handled this complex law-forging exercise is indeed commendable. Click to read more
Diagio-controlled liquor major United Spirits, in an investor presentation, has stated that its margins will be affected under the GST regime on account of additional tax on input materials and services, reported a leading business daily on Wednesday.
State governments will continue to levy certain taxes, whereas the central government has put portable alcohol or alcohol for human consumption out of the GST ambit. Click to read more