The Economic Survey 2017-18, presented in the Parliament today claims that post introduction of Good and Services Tax (GST) regime, there has been a 50 per cent increase in the number of indirect taxpayers, besides a large increase in voluntary registrations, especially by small enterprises that buy from large enterprises and want to avail themselves of Input Tax Credits (ITC). Click to read more
FMCG firm Emami on Monday said rural market and demand is picking up post implementation of goods and services tax (GST) regime and promises a good growth trajectory going forward, even though the company said wholesale channel is yet to return to normalcy.
Emami director Mohan Goenka said the company registered satisfactory volume growth in the last quarter. “Retail and rural business have bounced back and growing in healthy double digits though the wholesale channel is still continuing to be under some pressure. International business has also performed well,” he said. Click to read more
First of all, you have to understand that our expectation is subsumed to the expectation that is put by the Prime Minister. Prime Minister has said housing for all by 2022, which means that the whole track is nothing to do with what the industry is saying, but what the Prime Minister wants. Now, what does he want? He wants all these segments to pick up. Now obviously 60-70 percent of the segment of demand comes under the affordable housing segment across the country. So that is his focus. So anybody and everybody who is going into that sector will be benefited in the next five years because all the benefits are going to be focused into that segment. So that is the real truth. Click to read more
The Goods and Services Tax (GST) collections for December 2017 show an increase, but despite this there are concerns that the tepid collections since July could pose a problem on the fiscal deficit front.
However, a closer look at the numbers shows that these fears are misplaced. The Centre’s tax collection, as per the CGA (Controller General of Accounts), appears to be on track to achieving the Budget estimates for 2017-18. There are, however, many trouble spots in the new regime. Click to read more
Indian consumers will end up shelling out nearly Rs 30,000 crore extra every year towards payment for power consumption unless electricity is brought under the Goods and Services Tax (GST) regime. The reason? Power producers cannot claim credit for taxes and cess paid on coal and coal transportation due to exclusion of electricity from the new indirect tax regime.
The applicable GST rate on coal is 5%. Furthermore, the dry fuel attracts clean cess of Rs 400 per tonne. In addition, 5% GST is also payable on transportation of coal by trains. Click to read more
Resident ial property markets across India’s top 30 cities have shrugged off the impact of demonetisation and absorbed the short-term blow of several regulatory changes aimed at formalising the real-estate sector.
In the quarter-ended September, these property markets started showing signs of returning to normalcy as sales registered the best performance in five quarters. Based on sales volumes, 22 of the top 30 markets were either hovering around their five-quarter best or bettered their previous peaks during the September quarter. Click to read more
The public works department (PWD) appears to be struggling with the Goods and Services Tax (GST) regime with government officials saying that one of PWD’s sub-division is unable to calculate the GST to be levied for digging permissions. Officials say that confusion surrounding the GST rate to be levied was the reason behind the delay in according approval to Goa Natural Gas Pvt Ltd’s city piped gas distribution network.
Though Goa Natural Gas has started work in Ponda and Panaji to lay the pipeline, the approvals have come “in bits and pieces” said an official. Permissions to lay the main polyethylene high strength carbon steel supply pipeline from Ponda to Panaji have not come through, sources added. Click to read more
The Commerce Ministry has pitched for single Goods and Services Tax (GST) rate for multimodal transportation of vehicles to improve logistic services and reduce compliance burden on automobile manufacturers, an official said.
Multimodal transportation includes a combination of more than one mode of movement, such as rail, road or sea, for end-to-end delivery of goods.
Automobile industry body Society of Indian Automobile Manufactures (SIAM) had approached the logistics department of the Ministry raising issues faced by companies due to lack of a clearly defined multimodal GST structure. Click to read more
Seafood exporters attending the ongoing three-day India International Seafood Show (IISS) here have acknowledged that the central government has addressed a lot of their concerns over the Goods and Services Tax (GST), but said a number of GST provisions continued to be in the grey area, impeding their trade.
Participating in a technical session dealing with various aspects of processing and export of marine products, they said they were happy with the merger of multiplicity of central and state-level taxes into single GST. Click to read more