GST Ready India

GST Ready India’s Latest News and Updates

Majority satisfied that GST has been implemented: CARE Ratings survey

Dec 11, 2017

GST, infrastructure status lift spirit of logistics companies

India’s logistics and supply chain sector is undergoing a wave of change as two big moves by the government—implementing GST and giving infrastructure status to the sector—has led companies to ascribe unprecedented importance to this aspect of business, making investments in it and hiring the best talent to steer it.

“From GST the industry has one common wish list: one market, seamless flow of goods, helping businesses focus on real cost optimization in their supply chain and eventually lower transaction cost,” said RS Subramanian, the India head of DHL Express, the world’s biggest international express service provider by volume. Click to read more

The impact of rolling out GST has started wearing off: Pankaj Tibrewal, Kotak Mutual Fund

GST implementation could not have happened without glitches, but the country is on the right path to having a good structure in place, Pankaj Tibrewal tells ET Wealth.

How do you perceive the risk-reward scenario for the stock market at this juncture?

It’s surprising how things change in a year’s time in the stock markets. Around this time last year, demonetisation had occurred, Trump had become President, and most market participants and commentators painted a bleak picture. Contrary to the expectations, Nifty has given 25% returns in the past year with the broader markets performing better. Click to read more

Majority satisfied that GST has been implemented: CARE Ratings survey

CARE Ratings has conducted a quick survey to assess the position of various industries post the implementation of GST. It came to conclusion that on the whole majority are satisfied that the GST has been implemented.

For the majority, disruptions caused by destocking was not significant. Also there was no major impact on financial performance and the restocking process was satisfactory.

The survey, which was conducted for a set of around 125 responses, the conclusions were drawn based on group-think (majority think). Click to read more

Another GST rate tweaking may be in the works as govt hints at reviewing levies in top 28% bracket

After slashing the Goods and Sales Tax (GST) rates of over 200 items last month, the government on Saturday hinted at reviewing levies on the items in the top 28 percent tax bracket.

On 10 November, the GST Council, headed by Finance Minister Arun Jaitley, had lowered GST rates on over 200 items, ranging from chewing gum to chocolates, to beauty products, wigs and wrist watches.

As many as 178 items of daily use were shifted from the top tax bracket of 28 percent to 18 percent, and a uniform 5 percent tax was prescribed for both air-conditioned and non- AC restaurants. Click to read more

Tax authorities to tighten the screw on traders to increase GST collections

In the wake of falling GST collection in October, tax authorities are set to tighten the screw on traders and retailers along with ensuring strict enforcement of tax laws by putting in place a localised strategy that will include heightened surveillance, search and raids, said a newspaper report.

According to the report, the authorities have come across ground reports of tax evasion, especially at B2C (business-to-consumer) level in the GST regime, affecting the tax collections. Click to read more

GST, demonetisation shock to last two more years, says Reddy

‘Growth levels of 7.5-8% unlikely in next 24 months’

Refusing to hazard a guess on GDP growth in the short-term given the “shocks” such as the Goods and Services Tax, demonetisation and the mountain of bad loans, former Reserve Bank Governor Y.V. Reddy said the economy needed two more years to “consolidate” and claw back to higher growth levels.

It was difficult to make a forecast on growth now or say when the economy would return to the potential growth levels of say, 7.5-8%, which is unlikely in the next 24 months, he said.

“In a shock, the negative element is front-loaded. There will be some moderation, and there can be some gains. The pain is there now, the gains will come later. How much gain and in what gap, are the issues,” Mr. Reddy told reporters. Click to read more

The Body Shop reduces prices in line with revised GST tax slab

Cosmetics brand The Body Shop on Monday said it has reduced prices on its products by about 9 per cent following the GST Council’s decision to put cosmetics and personal care products in the 18 per cent tax slab.

Adhering to the revised GST slab of 18 per cent, the company said it has revised prices on existing and new stocks to extend the benefit of a reduced GST slab in cosmetics to consumers with immediate effect.

In a statement, the company said “GST in all beauty categories has been revised to 18 per cent instead of 28 per cent earlier. In line with our customer-centric philosophy, we have reduced the prices to reflect this change. We believe that the revised rates after GST will surely benefit end-users. The Body Shop is also reducing prices on its new stocks, which will soon reach retail shelves.” Click to read more

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