The Union Cabinet has approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST.
Following this, the Centre will abolish 16 cesses and surcharges on union excise and service tax as it lays down the path for rolling out Goods and Services Tax (GST) from July. Click to read more
Domestic liquidity flows into the equity market seemed to have bolstered valuations given that all other asset classes including reality, gold, fixed deposits all look relative unattractively placed.
The rupee is reasonably well placed on inflation differential, current account deficit and FDI flow, Lalit Nambiar, EVP & Fund Manager (Equities), UTI Mutual Fund, said. In an exclusive interview with Kshitij Anand of Moneycontrol.com, he thinks investors are likely to benefit more from stocks related to GST theme. Click to read more
The GST Council is besieged with demands from various quarters for commodity-specific exemptions or concessional tax rates on many products. Of particular note is the one for biris (beedis). This is a bad idea, from the viewpoint of both revenue and public health. Tailored exemptions break the GST chain, raise the chances of evasion and generate systemic inefficiencies, beating the purpose of GST. Click to read more
Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals:
In an interview with ET Now, RC Bhargava, Chairman, Maruti speaks about BS-IV compliance, vehicle scrappage policy and the impact of GST on the auto industry. Edited excerpts:
RC Bhargava: …I have any say in the matter. We will implement these slabs and I think these slabs have been well thought out and they have been done so that there is minimal disturbance to existing rates of taxation. That’s pretty good exercise which they have done. And I think, GST will change in business and the way we do our work and our suppliers and transport or anything over the next two-three years to a very large extent which will be to the benefit of industry Click to read more
The centre has projected that the implementation of GST law will help in increasing the GDP of the country by 1-2 percent and will also help in the creation of employment and increase in productivity.
The four Goods and Services Tax draft (GST) draft approved by the cabinet on Monday is speculated to be tabled in Lok Sabha on Friday. The approval of the GST draft by the parliament along with the separate one by all state assemblies including Delhi and Puducherry will complete the all the legislative process required for GST. Click to read more
Till date, 26.7 percent of central taxpayers have migrated to Goods and Services Tax Network in the Bengal circle.
“So far, 26.7 percent of 88,201 tax payers registered with the Central Excise and Service Tax have migrated to GSTN,” Central Excise (service tax) chief commissioner R K Sharma said on Wednesday on the sidelines of a GST awareness program. Click to read more
Justice Dr Satish Chandra, the president of Custom, Excise and Service Tax Appellate Tribunal (CESTAT) on Tuesday pointed out that since GST would be totally Internet-based and system driven, all the communications to the assessees would be made through emails. In India, where only 6 percent of the population pay Income tax, 16 percent conversant with Internet and 25 percent of villages not being electrified, the implementation of GST would be a huge challenge, Justice Chandra further indicated, while addressing an interactive session on ‘A Journey of Indirect Tax Towards GST’ organised by Merchants’ Chamber of Commerce and Industry. Click to read more
The Cabinet on Monday cleared four pieces of legislation that must be passed to roll out a countrywide Goods and Services Tax or GST, a landmark tax reform.
The GST will replace a complex patchwork of state- and local-level taxes with uniform tax rates for all kinds of marketplace transactions. The GST is nothing but an agreement between all states to levy uniform rates of taxes and not charging for the same good twice. With both ends of the supply chain mapped into a national software, there’s little chance a taxpayer can go hiding in between. Click to read more
The tough task master in the Prime Minister Narendra Modi was on display once more, as he set challenges to the party MPs during the Parliamentary party meeting, which included spreading awareness about the rollout of the Goods and Services Tax (GST). The Prime Minister made his displeasure well known for the low attendance in both the Houses of Parliament. The Prime Minister also tasked the MPs to popularise the achievements of the government, which will complete three years in the office on May 26. Click to read more