GST Ready India

GST Ready India’s Latest News and Updates

GST ready? Large companies say they are set, but worry over suppliers status

May 04, 2017

Ahead of GST, drug inventories cut

Patients are worried about the possibility of a shortage of medicines because stockists and trade channels, uncertain about modalities of the implementation of the Goods and Services Tax (GST), are attempting to reduce stocks in trade.

Stockists, worried they may suffer losses on account of a possible mismatch between tax payouts and tax refunds once GST kicks in, have started maintaining a minimum inventory and even returning stock to companies. Click to read more

GST: Rising cost of compliance to hurt SMEs the most

Drawing a stark comparison between incomes and expenditure of Indian citizens, finance minister Arun Jaitley in the Union budget speech implied that tax evasion is a serious problem in the county. He said, “The number of people showing income more than Rs50 lakh in the entire country is only 1.72 lakh. We can contrast this with the fact that in the last five years, more than 1.25 crore cars have been sold, and number of Indian citizens who flew abroad, either for business or tourism, is 2 crore in the year 2015. From all these figures we can conclude that we are largely a tax non-compliant society.” Click to read more

Gold demand seen muted in H2 on GST, says World Gold Council

Gold demand in India could be muted in the second half of 2017, as the rollout of the new goods and services tax (GST) from July is expected to dent appetite in the world’s second-biggest consumer, the World Gold Council (WGC) said on Thursday.

But sales are likely to be robust during the first six months of the year, the WGC said. Click to read more

GST ready? Large companies say they are set, but worry over suppliers status

Larger companies, especially those with annual revenue of Rs 500 crore or more, may be ready for the July 1 roll-out of the Goods and Services Tax (GST), but they are still concerned about the preparedness of their supplier ecosystem.

If all players in the transaction chain are not compliant with the GST system, there won’t be a seamless flow of input tax credit (ITC) across it, they said. If ITC flows are not streamlined in the early days of the new tax regime, businesses could face cash flow problems. Click to read more

Modi government set to put lottery tickets in the 28% GST bracket

Indians who buy lottery tickets may have to shell out more to take a chance on fortune under the goods and services tax (GST), which is expected to be rolled out on July 1. The government is looking to put lottery tickets in the 28% GST bracket, the highest slab, according to people with knowledge of the matter. That’s up from minimal or zero tax levied by about a dozen states that have lotteries. Click to read more

UP Cabinet approves implementation of GST

The Uttar Pradesh government today approved implementation of the Goods and Services Tax (GST) in the state and the same will be passed in the Assembly in the session commencing from May 15.

The decision in this regard was taken at the state cabinet meeting chaired by Chief Minister Yogi Adityanath here.

“The revenue of the state is likely to increase after implementation of the GST in the first session of this government,” Cabinet Minister Suresh Kumar Khanna said. Click to read more

GST—Do organisations need a project management solution for successful implementation of GST?

The ambiguity that surrounded the implementation of GST seems to be diminishing as the government achieves several key milestones that were pre-requisites for the revolutionary indirect tax regime to go live on July 1. While the industry is geared up to embrace changes that GST will bring about, there is a lot of preparatory work to be done. With a little over two months to go, companies need to start analysing the immediate risks and opportunities resulting from transition to GST as the new legislation will affect the entire ecosystem of an organisation, starting from order to cash. Click to read more

India GDP to grow 7.4% in FY18; GST, bankruptcy law big positives, says ADB

The Indian economy will grow 7.4 per cent this fiscal and 7.6 per cent in the next as the bankruptcy and GST laws will help create a better business friendly environment, the Asian Development Bank (ADB) said today.

Ahead of its 50th annual meeting to be attended by finance minister and central bank governors of member nations, the multilateral agency’s Chief Economist Yasuyuki Sawada said the reforms like the Goods and Services Tax (GST) and the new bankruptcy law will make easier to do business in India. Click to read more

No need for 24/7 I-T duty at cigar plants under GST: Revenue department

The scheduled rollout of goods and services tax on July 1 is expected to ease pressure on the revenue department as it will not have to post senior officers on ’round-the-clock’ duty at cigarette manufacturing units. However, presence of tax officials will be mandatory at the time of clearance of goods from the factory for the purpose of assessment of duty and countersigning the invoice. Click to read more

25 railway stations to be redeveloped; PM Modi reviews GST roll-out preparedness & more

Railway Minister Suresh Prabhu has said that bidding for the redevelopment of 25 railways stations will begin soon. 25 of the country’s most prominent railway stations will be redeveloped at a minimum investment of Rs 30,000 crore. Several big real estate players have already expressed interest in the project, which will be one of the country’s largest Public Private Partnership projects. Click to read more

GST rollout to see emergence of 12 new warehousing hubs

A dozen new warehousing hubs are likely to emerge in the country in the wake of Goods and Services Tax (GST) rollout in July.

Warehousing stock is expected to increase by 18 per cent to touch 132.5 million sq ft and likely to see investment to the tune of ₹4,500 crore to ₹4,700 crore. Click to read more

Who’ll audit GSTN?

If the GST Council is going to be the most powerful body in the GST era, the GST Network (GSTN) would be the most critical one. GSTN is a not-for-profit company set up primarily to provide IT infrastructure and services to the Centre and States, tax payers and other stakeholders for implementing the GST. Click to read more

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