Indians are paying more for soaps, shampoos, or toothpastes, but the recent price hikes or altered output strategies may have less to do with input costs or demand than with the goods and services tax (GST) – the biggest change in the taxation landscape since Independence.
In the run-up to the implementation of the GST, expected on July 1, consumer goods companies such as Hindustan UnileverBSE -0.54 % (HUL) and Procter & Gamble (P&G) are either changing their production strategies or raising prices to reflect the new tax treatment for their products. Click to read more
The Goods and Services Tax (GST), considered as the most profound reform in India’s indirect taxation system finally becomes a reality. GST anticipates that the tax base will be with minimum exemptions. The main expectation from GST is to eliminate all indirect taxes and only GST would be levied. As the name suggests, the GST will be levied both on goods and services.
GST is heralded as a unified system of taxation by which the economy will take an upward swing. GST is a tax imposed on multiple industries, specifically for manufacturing, sale and consumption on goods and services. This tax will be a substitute for almost all indirect taxes by the State Government and Central Government. Exports and various direct taxes such as income tax, corporate tax and capital gains tax are not included in GST, hence will be unaffected by the new taxation system. Click to read more
Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns.
The ratings will be made public on the GST Network (GSTN) website as tax authorities seek to build peer pressure among companies to ensure compliance. Click to read more
Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns, according to a report published by Livemint.
The ratings will be made public on the GST Network (GSTN) website as tax authorities seek to build peer pressure among companies to ensure compliance, further reported the financial daily. Click to read more
The Goods and Services Tax (GST), the country’s biggest tax reform, is scheduled to be rolled out from July with the Parliament passing all the crucial laws on April 6.
The main problem now is implementation, which politicians and experts say, will not be smooth as companies have to file as many as 37 forms in every state.
While the compliance cost will increase, businessmen will have to brace for penalties, harassment and even jail term. Click to read more
To its proponents, the much heralded goods and services tax (GST) represents a bright new hope: an India at long last knitted together into a single market. Collapsing hundreds of state-specific taxes into a four-tiered tax slab which applies nationwide would be expected, according to conventional economic theory, to reduce transaction costs and thereby deliver efficiency gains. Click to read more
A day after Parliament cleared the decks for the Goods and Services Tax system, the Congress on Friday dubbed it “anti-common man” and not what the party had desired.
“It’s not the GST we dreamt of,” senior Congress leader and former Union Minister Kapil Sibal told the media here. Click to read more
With the rollout of the Goods and Services Tax (GST) regime on July 1 set to take away benefits that the Kannada film industry hitherto enjoyed, the producers are threatening to move operations out of the state.
Under the existing guidelines, no entertainment tax is levied on Kannada films, while other movies have to pay 30% tax. In order to avail of the tax benefits, Kannada filmmakers have to shoot at least 50% of the movie and carry out all post-production activities that include editing, mixing and recording in Karnataka. However, under the GST regime, there will no such exceptions since all films will be levied an 18% entertainment tax. Click to read more
The implementation of the goods and services tax (GST) will bring back smile on the faces of residents as the rates of many items such as ghee, foodgrain, sweets and pulses will be reduced and disparity in the taxation system will end.
The disparity in taxation system has been a major cause of concern for city traders. According to the traders, usually Chandigarh follows the taxation system of Punjab. Whenever Punjab enhances the tax, the Administration is quick to follow its decision, but it never follows Punjab when it reduces taxes. Click to read more