While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to “increase a bit” from the current level.
“That is our belief (that the current level of taxation will not lessen at least for first five years). It will be the same, that’s our belief, and it will increase a bit,” CBEC Chairman Najib Shah told IANS in an interview here. Click to read more
In his hurry to get the Goods and Services Tax (GST) implemented as soon as possible, Finance Minister Arun Jaitley is running the risk of letting a lot of accumulated experience and know-how go to waste.
This holds true for the policy making acumen of the Central Board of Excise and Customs, as well as the experience in the intricacies of service tax collection of the central tax officials. Click to read more
Even as the government recently brought some parts of agriculture under goods and services tax (GST) gamut, some big retail chains and quick service restaurants (QSRs) may see the impact. This is mainly because contractual farming will now be under the purview of GST.
Many big retail chains give contracts to farmers for growing certain agricultural products which are then directly sold in the malls. Industry trackers say that such contractual farming would now attract GST. Click to read more
With the markets – as represented by the Nifty50 index – scaling to fresh all-time highs, is it a good time for investors to sell? The latest push to the indices has been fuelled by the outcome of the state elections, especially Uttar Pradesh (UP), that was being dubbed as the semi-final to the 2019 general elections.
Since the beginning of calendar year 2017 (CY17), the markets have gained nearly 12% in a liquidity driven rally. While mutual funds have pumped in around Rs 6,504 crore since then as per Sebi data, foreign institutional investors (FIIs) have invested Rs 19,023 crore during this period, NSDL data show. Click to read more
For the first time the government seems to be prepared for goods and services tax (GST) but the corporate world seems to be grappling with the regulation, people in the know said.
Industry experts say that it was a blessing in disguise that the deadline for GST was pushed back as most of the companies may have struggled with it. Even as most of the top companies have roped in some tax and tech specialists to implement GST, some of the mid-scale and small companies are finding it tough to adapt to the indirect tax regime. Click to read more
Moving a step closer to implementation of a new indirect tax regime, the Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley on Saturday approved the crucial Central GST (CGST) and Integrated GST (IGST) bills.
“…the compensation law was approved in last meeting, today we have approved the CGST and IGST law, and in next meeting we will be approving the SGST (State GST) and UTGST (Union Territory GST) law which will then complete the legislative exercise and enable us to take these before Parliament,” Jaitley said at a press conference at the end of the Council meeting. Click to read more