A fortnight into the goods and services tax (GST) regime, sellers and online marketplaces continue to assess the impact of the new tax. While some of them have adopted a wait-and-watch policy, many others whose margins could be hit are holdings talks with brands or vendors.
The initial dip in seller numbers by 20-30% across marketplaces indicates the wait-and-watch strategy being adopted by some, on the margins their businesses are likely to make on the ecommerce platforms. Click to read more
The Indo-American Chamber of Commerce (IACC) on Monday flagged points for the smooth transition of the Goods and Services Tax (GST) into a full-fledged tax structure.
Up on the suggestion list of the IACC is the need to bring alcohol and petroleum products within the ambit of the Central GST, said the apex bilateral Chamber synergizing India-US economic engagement.
This should be done in a calibrated manner since more than 60 per cent of the revenues were mobilised through tax realisations from these goods, IACC’s National Vice President Vasant Subramanyan said. Click to read more
Two weeks have gone by since the Goods and Services Tax (GST) came into force. Yet, confusion and doubts still persist. Small and medium enterprises (SMEs), exporters and traders alike are still struck by a sense of uncertainty, and are hesitant to make their first purchases or raise the first sales invoice.
The Indian arm of Danish major Danfoss, which used to receive 25% of its monthly orders in the first week of every month, had secured orders only for 5% of the monthly average in the first week of July. Lynk Logistics, a Ramco Cements group company, which saw a huge surge in its bookings in the last week of June, is witnessing a dip in its order book. Click to read more
Modi notes that this session gets an opportunity to elect a new President and a Vice-President.
Prime Minister Narendra Modi on Monday hoped the “growing stronger together” spirit of GST will bring enthusiasm to Parliament proceedings and that political parties will engage in high standard of debate and provide value addition during the Monsoon session.
Terming the start of the session on Monday very significant, Mr. Modi noted that this session gets an opportunity to elect a new President and a Vice-President for the country, which wil complete seven decades of Independence on August 15. Click to read more
According to GST laws, traders are required to register on or before July 30, 2017. The finance ministry has urged all traders to register now without waiting for the last date. ” If one is carrying out any business and have an annual aggregate turnover in the preceding financial year exceeding Rs. 20 lakh (Rs. 10 lakh in special category states), you need to register in all the states/union territories from where you are making taxable supplies. However, one need not register if one is engaged exclusively in the supply of exempted goods or services or both,” the finance ministry said in a statement. Click to read more
The finance ministry has assured airlines that confusion over the applicability of the goods and services tax (GST) on imported aircraft that resulted in double taxation will be sorted out soon and a clarification will be issued at the GST Council meeting likely to be held next month.
The matter is related to taxation on aircraft imported before July 8.
“Basis that assurance from the finance ministry, we have got our aircraft approved on Saturday. Click to read more
A fortnight into the goods and services tax (GST), small and medium dealers and manufacturers are grappling with issues of the new indirect taxation system. Finance Minister Arun Jaitley will chair the 19th meeting of the GST Council on Monday, via video conference. This would be the first meeting after implementation and has been advanced from earlier planned on August 5. Sources said the meeting would discuss tweaking of rates on some products, besides taking stock of the roll-out of the indirect tax system. Click to read more
Avinash Gupta, an electronic components dealer at Lajpat Rai market in the Walled City, spent the whole of June trying to figure out the ways in which the newly unveiled Goods and Services Tax (GST) applies to his business. However, when all attempts at comprehension failed, he decided to enrol in a crash course offered by a city-based private institute last week.
“I simply could not understand how factors such as the reverse-credit mechanism, debit note and credit note apply to my business. The government explained only the macro aspect of the GST to traders, but there are many micro factors that I found hard to practise on a day-to-day basis,” said Gupta. Click to read more