The Goods and Services Tax (GST) Council has reduced rates on 40 products, most of them daily use items, rendering them cheaper for the consumer, while the cess on mid and high-segment cars went up by 2-7 percent, which is likely to raise the prices of these cars. The decision to this effect was taken at its 21st meeting Hyderabad on Saturday, which was also the second review meeting after the GST rollout.
Briefing the media, Union Finance Minister Arun Jaitley said with the changed nature of economy, the government could afford to have the rates of some these items reduced. The reduction in rate is likely to make these items cheaper. Click to read more
GST registrations for entities mandated to collect and deduct tax at source will start from September 18.
However, the date from which tax deducted at source (TDS) or tax collected at source (TCSBSE -0.27 %) will be done will be notified later.
The Goods and Services Tax (GST) Council, at its 21st meeting in Hyderabad, decided to open registration of persons liable to deduct TDS and TCS from September 18. Click to read more
The Goods and Services Tax Council on Saturday raised the cess on motor vehicles–mid-size cars, large cars and sports utility vehicles by 2%, 5% and 7% respectively instead of whole 10% increase effected in the law, while keeping the overall tax incidence within 50%.
This increase in cess rate would take the overall tax incidence on mid size cars to 45%, large cars to 48% and SUVs to 50% from 43%( 28% GST+ 15% cess) now. Click to read more
Our client had purchased goods from us before July 1, 2017. They have now returned those goods. Will there be any GST (goods and services tax) applicable on the returned goods? GST law contains specific transitional provisions regarding goods sold under the pre-GST regime which are returned by the recipient on or after July 1, 2017. If your client is not registered under the GST law, you should be eligible to claim refund of the taxes/duties paid under the pre-GST regime. However, the refund is permissible only if the goods were sold prior to six months from July 1.. Click to read more
There may not be an immediate relief for those using leased cars with the GST Council unlikely to tinker with rates for the moment.
A large number of car users, including employees of companies as well as drivers of car aggregator firms such as Ola and Uber, have been hit by the government’s decision to increase the levy up to 43% instead of the earlier level of around 13%. Click to read more
There is finally some respite for lakhs of exporters who have been complaining about goods and services tax (GST) eating into their margins and impacting shipments already grappling with poor infrastructure and an appreciating rupee.
With a committee of the officers, headed by revenue secretary Hasmukh Adhia, formed to identify embedded taxes in exports and look at ways to exclude or refund them, the commerce department seems to have at least convinced the GST Council to address the concerns. Click to read more
Welcoming the decision of the GST Council of reducing the rate on supply of various scrips from 12 per cent to 5 per cent, the Federation of Indian Export Organizations (FIEO) said the move will give a boost to the exports sector.Welcoming the decision of the GST Council of reducing the rate on supply of various scrips from 12 per cent to 5 per cent, the Federation of Indian Export Organizations (FIEO) said the move will give a boost to the exports sector. Click to read more
Demand hasn’t returned to normal in over two months after the Goods and Services Tax rolled out as distributors are still adapting to changes triggered by the nationwide levy, according to two large consumer goods companies.
Wholesale dealers are still familiarising themselves with the compliance required to switch to the new tax regime, chief financial officers of toothpaste-to-honey producer Dabur India Ltd. and Parachute hair oil maker Marico Ltd. said. Click to read more
After slipping into the negative in July, thanks to a temporary slowdown in drug sales caused by the transition to the Goods and Services Tax (GST), the Indian pharmaceutical market (IPM) was back on track in August, registering 2.4 per cent year-on-year (YoY) growth during the month.
Data from market research firm AIOCD-AWACS show that the market witnessed a slight recovery in August, growing 2.4 per cent. Segment-wise, anti-infectives have declined by eight per cent during the month, while dermatology is still posting a double-digit positive growth of 12.7 per cent. Click to read more
In a series of online surveys, conducted by a citizen grievances portal having a tie-up with the consumer affairs department of the central government, one in every two persons has reported a rise in household costs after the Goods and Services Tax (GST) was rolled out in July. The surveys received over 40,000 cumulative responses for various questions asked on the completion of two months of GST rollout.
As it looks, the Goods and Services Tax (GST) has turned into a major headache for the government after demonetisation. The state finance ministers raised a plethora of issues related to the implementation of the tax reform at the GST Council meet in Hyderabad. Click to read more