FMCG major Hindustan Unilever will pay Rs 119 crore as GST benefit accrued to the government.
“Effective November 15 , GST rates were reduced for some of our categories from 28% to 18%. While the implementation of this change was initiated immediately, it was not possible to pass on the entire benefit of this rate reduction on some of the pipeline stocks during the transition and consequently an estimated differential amount of Rs. 119 crores was collected,” HULBSE 1.44 % said in a statement in response to a report by ET Now that the amount was a fine under an anti-profiteering notice. Click to read more
Tickets to amusement parks, including theme parks, water parks and merry-go-rounds, attract 18 per cent GST with effect from January 25, lower than 28 per cent earlier, the Finance Ministry said today.
The ministry hoped that states through authorities, like panchayats and municipalities, would not increase the local taxes on entertainment and amusement and help keep the tax burden low. Click to read more
Technical glitches that aborted goods and services tax (GST) e-way bill’s full-fledged launch on February 1 will be ironed out by the end of this month, sources told Moneycontrol.
The trial run of the e-way bill system, which promises to enable faster goods movement through a seamless portal-driven payment system without lorries having to wait at state borders, will, however, continue. Click to read more
“Industrialists in Tirupur apparel cluster should shed their inhibitions on Goods and Service Tax for achieving compliance and thereby getting refund of Input Tax Credit (ITC) at the earliest” said M. Periasamy, Joint Commissioner of GST and Central Excise, during an interaction of officials and industrialists organised by the Tirupur Exporters Association here. Click to read more
Developers of affordable homes should not collect goods and services tax (GST) from buyers as the effective rate of 8% tax can be met by rebates on the taxes already paid by the developer on the cost of materials, the government said on Wednesday.
The finance ministry clarified that most affordable housing projects attract a 12% GST, the effective rate of which falls to 8% after adjusting for the cost of land, which is not subject to GST. Only the value of the house, excluding land, is taxed under GST. Equipment deployed in construction such as capital goods are taxed at a higher rate of 18% or 28%. Click to read more
Replying to the budget debate in the Lok Sabha on Thursday, Finance Minister Arun Jaitley took on the opposition saying that the suggestion to postpone goods and services tax (GST) was a ‘charter to anarchy.’ Within a matter of months, the government has been able to stabilise GST and the rates were reduced with increase in revenue, Arun Jaitley said. “Demonetisation was a difficult decision, and it had disruptive effect,” said Arun Jaitley. He also said that the government is committed to fiscal prudence and it has been demonstrated by bringing down the fiscal deficit from 3.9 percent to present level. India will become fastest growing major economy in the world in two years, Finance Minister Arun Jaitley further said quoting the IMF data. Click to read more
While e-commerce companies are a major driver, smaller brands that focus on omni-channel presence (both brick and mortar and online) too are increasingly taking up spaces in these centrally located warehouses.
Warehouse sharing is also an emerging trend. Different tax structures across States saw the sprouting of small warehouses and movement of goods in smaller parcels. FMCG and auto companies in India used to maintain as many as one warehouse per State. In comparison, the entire Europe and the US are catered to by six or seven warehouses. Click to read more
Council reduces GST rate for entry to amusement parks and joy rides to 18% from 28%
New Delhi : Goods and Services Tax (GST) will not be levied on entry tickets priced up to Rs 500, at circuses, concerts, dance performances, at plays, pageants, musical performances, sports events and at the planetarium.
The move revises the threshold price limit for tax-free tickets originally fixed at Rs 250 per head. The relaxation was approved by the GST Council in its meeting on January 18 and notified on January 25, according to a Finance Ministry press note. Click to read more