As the government readies plans for the biggest tax overhaul in the country with Goods and Service Tax (GST) to be implemented from July 1, industry experts have asked if the nation is ready.
Companies and its distributors have put in place the IT infrastructure required to deal with GST and have been labelled as ‘GST ready’ by Edelweiss analysts Abneesh Roy, Tanmay Sharma and Alok Shah in a report dated March 21. Click to read more
The Union Cabinet has approved changes in the Customs and Excise Act, which is required for rollout of Goods and Services Tax (GST). The amendment will result in abolition of 16 cesses and surcharges, union excise and service tax charged on various goods and services. Click to read more
The Union Cabinet on Monday approved four goods and services tax (GST)-related bills, which have already been approved by the GST Council after detailed discussions.
There are expectations that sectors such as logistics, capital goods, auto and pharma will benefit from GST implementation over time. Click to read more
FINANCE MINISTER Arun Jaitley lauded the political consensus on decisions on GST, described the GST Council as “India’s first federal decision-making body” and underlined an urgency to pass GST-related laws during the current session of Parliament.
Replying to the debate on the budget in Rajya Sabha Thursday, the finance minister also urged parties for suggestions on electoral reforms including electoral bonds for funding of parties. Jaitley also spoke on nonperforming assets and loan waiver for farmers. Click to read more
Five legislations will soon be introduced in Parliament with the objective of rolling out the comprehensive indirect tax reform GST from July 1, Finance Minister Arun Jaitley told the Lok Sabha today.
The government will bring before Parliament four GST legislations and there will be a fifth legislation as Excise and Customs Acts will have to be amended. We will bring these legislations together to Parliament in the next few days, he said replying to a debate on the Finance Bill. Click to read more
With the rollout of Goods and Services Tax now more or less certain from July 1, 2017, it is entirely possible that the government will defer the post-Budget Export-Import (Exim) Policy to take note of the implications of this game-changing indirect tax reform. Already a committee constituted by Director General of Foreign Trade is working to align rates with GST.
Nevertheless, efforts are on to accelerate India’s exports, which did not do well in the past couple of years, particularly due to the global slowdown. Now that the world economy is picking up and the Chinese economy is slowing down, new exports opportunities have come India’s way. Fortunately, demonetisation has not impacted India’s exports significantly so far. Click to read more
The packaged consumer goods sector had a difficult time in the December 2016 quarter. Even before demonetisation, demand was simply not getting off the ground. While urban demand had shown some early signs of reviving, companies said rural demand continued to show signs of strain. The BSE FMCG Index declined 4.8% in the December quarter. FMCG stands for fast-moving consumer goods. The current quarter has seen it increase by 13.5%, partly as the effects of demonetisation are fading but also because ITC Ltd’s stock has run up sharply. Click to read more
Finance Minister Arun Jaitley said that the government is keen to roll out the biggest tax reform GST on July 1. “It looks likely that we roll the GST on July 1 and why I say likely is that while the entire exercise of division of work administratively between the Centre and the States has been done, we need to form 9 different regulations, of which 4 are approved by the council where marginal changes may be required. For the other 5, the drafts are being prepared and they will be circulated to the state,” he said, addressing a packed audience at the 12th edition of CNBC TV18’s Indian Business Leader Awards held in Delhi, where visionaries that have led India’s glorious journey from various walks of life were felicitated. “We are meeting on March 31, hopefully those regulations are approved,” said Jaitley. Click to read more
The benchmark Sensex today rose 164 points, snapping a three-day losing run, with energy, auto, metal and capital goods stocks leading the recovery on strong global cues. Brokers said sentiment was upbeat in sync with a rebound in global markets ahead of the important vote for the healthcare bill in the US House of Representatives that could be a pointer to future policies of the Trump administration. The market sentiments also got a leg up after reports suggested that the government may table GST-related supplementary legislations soon in Parliament. Click to read more
Amazon and Flipkart are set to start exclusive brick and mortar stores in India for their online exclusive smartphones. This move is aimed at expanding the business in India and preparing for the goods and service tax (GST) regime which will reduce the price difference between offline and online markets, according to an Economic Times report. Click to read more