The Goods and Services Tax, to be rolled out next month as the biggest tax reform since independence, will help India achieve 9 per cent growth rate, NITI Aayog CEO Amitabh Kant said today.
He said GST will simplify India’s taxation system and help deal with tax evasion.
“GST is India’s biggest tax reform since 1947…GST will help India in achieving 9 per cent growth rate,” Kant said at an event here. Click to read more
On July 1, the Goods & Services Tax will be introduced. This move is expected to impact tax collection and Indian economy at large. The industry is preparing itself with the new compliance framework. But the individual is also going to be impacted by the GST. He too must prepare for some adjustment difficulties.
How we bank, invest, and insure is going to be impacted, though this impact is expected to be minimal. Let’s take a look at how your personal finance will change with GST. Click to read more
Prime Minister Narendra Modi on Monday reviewed the status of Goods and Services Tax (GST) roll-out from July 1 and described it as a “turning point” for the economy.
“The Prime Minister asserted that the implementation of GST from July 1 is the culmination of the concerted efforts of all stakeholders, including political parties, trade and industry bodies,” an official statement said here.
At a review meeting with officials here, PM Modi described the GST regime as a turning point for the economy, unprecedented in history. Click to read more
GST Council has provided their green signal to the GST roll-out on July 1st. This means that every state has confirmed their readiness and agreement in the pan-India rollout of Goods and Services Tax regime, which will implement one country, one tax rule.
Kerala finance minister Thomas Isaac said, “We were discussing the rules and (they) have been completed. Transition rules have been cleared and everybody has agreed for 1 July roll out,”
Last month, the GST Council categorised 1200 products under the tax brackets of 5, 12, 18 and 28%, and things are now finalised. Click to read more
The Goods and Services Tax (GST) Council, at its meeting on 3 June in Delhi, approved GST tax rates on the remaining goods and important rules pertaining to returns and transition provisions. The state assemblies of 21 states, Delhi and Puducherry have already passed state GST laws and the remaining states are in the process of doing so. All this has paved way for the 1 July rollout of the biggest tax reform undertaken anywhere in the world. Click to read more
The one-nation, one-tax principle that underlines the goods and services tax (GST), set to be rolled out on July 1, could be adopted in a much more broader sense by the income tax department through a path-breaking initiative on jurisdiction-free assessment.
This would mean that a taxpayer in Mumbai could be assessed by an income tax officer located in Patna, a significant leap toward eradicating corruption by reducing the need for face-to-face contact between citizens and tax officials to the absolute minimum besides speeding up processing. Click to read more
With just three weeks left for the roll-out of the goods and services tax (GST) from July 1, millions of traders and businesses, including big and small, are making a beeline for classes to learn the ABC of the new tax system.
Industry bodies, such as the Confederation of All India Traders (CAIT) and the Retailers Association of India (RAI), are organising nationwide classes to teach people the nitty-gritty of the GST and how to become GST-compliant. Click to read more
Third party GST Suvidha Providers say only piecemeal implementation likely by July 1 deadline
While the government remains committed to rolling out the GST regime from July 1, GST Suvidha Providers (GSPs), who are expected to help taxpayers cope with the transition to the new regime and its compliance paperwork, may only be operationally ready a few months down the line, say industry players.
“Being very upfront, we are not too confident about the July 1 roll-out deadline,” Tejas Goenka, executive director at Tally Solutions, one of the 34 GSPs so far approved by the GSTN, told The Hindu. Click to read more
The Federation of Industrialists Traders and Jeweller’s Association (FITJA), Gautam Budh Nagar has on Tuesday sent a written appeal to the CEO of Neeti Aayog, Amitabh Kant, Government of India, seeking a review of the terms of implementation of the Goods and Sales Taxes (GST) on the Small and Medium Scale enterprises (SMEs).
The traders have demanded that the minimum limit of implementation of GST should now be increased from Rs 20 lakh to Rs 50 lakh and that the date of implementation of GST be deferred from July 1 to September 1. Click to read more
Even as customers get mobile phone alerts from pharmacy chains to stock up on medicines for July, the pharma industry and Government are engaged in meetings to iron out the minutiae and prevent supply shortages anticipated while transitioning to the GST regime.
Having met industry associations late last week, the National Pharmaceutical Pricing Authority (NPPA) has meetings lined up this week as well. And on the agenda is allowing the industry a three per cent increase in prices on new stocks of controlled products, according to representatives who participated in previous meetings. Click to read more
Counting of days have begun for the roll out of goods and service tax (GST) bill in India which is expected to be implemented by July 01, 2017.
The GST council last month had fixed goods and service tax rates for a total of 1,211 items under five brackets 0%, 5%, 12%, 18% and lastly 28%.
On hopes over GST roll out to multiply growth of Indian economy further, Indian markets have been on a booming level, Nifty on Tuesday earmarked another high by crossing over 9,700-mark. Click to read more
India’s bustling e-commerce transactions and a planned new national tax system that’s expected to boost freight movement are prompting Deutsche Post DHL Group to expand warehouse capacity in one of the world’s fastest growing major economies.
“We see business-to-consumer as the next big challenge, a big growth area and we really want to tap into that through businesses such as modern retail,” Vikas Anand, Mumbai-based managing director at DHL Supply Chain India Pvt. Ltd, said in an interview on 30 May. Click to read more