Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities.
“Unlike in other countries, the transition to the new tax regime would be smooth here because there are multiple points of taxation in the country. Hence, the possibility of sudden spurt in inflation is remote,” said Adhia, who is spearheading the implementation of the Goods and Services Tax. Click to read more
Companies will have to maintain an array of accounting and tax records
The upcoming Goods and Services Tax (GST) regime, which the Centre intends to roll out from July 1, may turn out to be a record-keeping headache for firms, based on draft rules issued for accounts and records.
As per the rules, a registered tax-paying entity under the GST system for indirect taxation would have to maintain records of imported and exported goods or services and tax-paid supplies — separately for each activity, including manufacturing, trading and services. Click to read more
The government is preparing for a July-1 launch for GST, which will change the concept of levy of indirect taxes. With a little more than two months to go, it is important businesses understand this levy and start identifying whether and how it applies to them.
If you are a business, it is nearly certain you deposit some tax other than income tax. It could be in the form of service tax, excise duty, VAT or some version of custom duty. These taxes are called indirect taxes. Nearly all of these taxes will now be replaced with GST. Click to read more
The Goods and Services Tax (GST) is on schedule for implementation from July 1 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike, Finance Minister Arun Jaitley said today.
Hailed as the biggest tax reform since Indias independence, GST will replace an array of central and state levies with a national sales tax, thereby creating a single market and making it easier to do business in the country. Click to read more
While the trade, industry, and service sectors are eagerly looking forward to the rollout of the Goods and Service Tax (GST) regime, the Malayalam film industry refuses to share the ebullience and seems apprehensive about its outcome.
The industry, with an approximate annual turnover of about 500 crore and provides 50,000 direct and indirect jobs, foresees the imposition of 18% service tax . This is feared to force an increase in ticket costs and a resultant drop in viewer turnout in cinemas. The industry that churns out about 130 films a year spends an average ₹4 crore per production. Click to read more
Lack of preparedness has cast a shadow on the rollout of the country’s largest reform in taxation — Goods and Services Tax (GST). While the Centre has fixed July 1 as the deadline for the system’s implementation, officials say it is likely to get delayed.
Karnataka fares the best in terms of preparedness, with 92% of the traders having registered for GST. Even Andhra Pradesh, Tamil Nadu and Gujarat have shown remarkable progress with more than 85% of the traders having enroled. The scenario in the rest of India, however, is grim — the national average for enrolment is 37%. Click to read more
The goods and services tax (GST) is slated for rollout in less than two months and voices are coming forward on the possible negative impact on small manufacturers. We have heard these stories earlier – when the country did away with quantitative restrictions on imports in 2001 and when it opened up sectors reserved for production by small-scale industries.
Each time, the risk of decimation of small enterprises was vociferously raised – but then quietly buried when the sector remained resilient and, in fact, grew faster than the overall manufacturing sector. The fears regarding GST impact on small enterprises are likely to be similarly misplaced. Click to read more
The committee tasked to fit rates of items under the Goods and Services Tax (GST) regime will meet on Friday and Saturday to finalise GST rates for individual items, a senior finance ministry official told BloombergQuint.
Once the committee comprising state and central government officials fixes rates, these will be tabled before the GST Council in its next meeting on May 18-19. The council will then take a final call on individual rates for different commodities. Click to read more
Your local pharmacy may soon run dry of medicines as uncertainties cropping up over implementation of Goods and Services Tax (GST) are forcing stockists and trade channels to reduce stocks in trade, reports Times of India.
Worried over potential losses resulting from disparity between tax payout and tax refund once GST kicks in, stockists have started maintaining low levels of stocks. Some stockists have even started returning big chunk of stocks to the companies. Click to read more