Pundits are unanimous that GST is a game changer. But the process that led to untying the GST knot was a game changer too. It involved mature political leadership that kept the big picture front and centre regardless of the politics of the day as well as some deft political and administrative negotiations that smoothed over many divisions of a fractious federal system. Click to read more
Exchange offers on products such as televisions, mobile phones and refrigerators are likely to become less attractive under the new goods and services tax (GST) regime, in a potential setback to the consumer durables and electronics industry. Click to read more
While goods and services tax (GST) will leave the tax incidence on a vast majority of goods unchanged or lower, revenue secretary Hasmukh Adhia believes the enhanced input tax credit (ITC) flows will result in lower tax liabilities for at least a section of industry. Adhia tells Sumit Jha bringing real estate under the GST may not add much to the tax base but would be a significant step against black money. Click to read more
Touted as the biggest indirect tax reform since independence, GST would subsume central excise, service tax and other local levies. On March 29, Lok Sabha approved the four supplementary legislations.
The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were passed after negation of a host of amendments moved by the opposition parties. Click to read more
Those buying goods at prices lower than prevalent market rates in exchange offers for older items, a practice popular in the consumer durables and electronics sectors, might have to shell out more in the goods and services tax (GST) regime. Click to read more
Tax evasion of over Rs 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant.
The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount of input tax credit wrongly availed or the amount of refund wrongly taken exceeds Rs 5 crore, shall be cognizable and non-bailable. Click to read more
Education, healthcare and pilgrimages will continue to be out of service tax net even under the GST regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services.
Besides making a strong case to the GST Council for not touching services that are out of tax net currently, the Centre will also pitch for keeping concessional rate for services like transport at the current level, Revenue Secretary Hasmukh Adhia told PTI in an interview. Click to read more
The anti-profiteering clause in the GST Bill has India Inc worried, even as finance minister Arun Jaitley, in various interactions, has said that there would be no witch-hunt.
Clause 171(1) of the GST Bill provides that any reduction in rate of tax on any supply of goods or services, or the benefit of input tax credit shall be passed on to the recipient (consumer) by way of a commensurate reduction in prices. Click to read more
The Indian IT sector is bracing for impact. On the one hand, it has to deal with a US administration that is clamping down on work visas and on the other side it is working overtime to get ready for the rollout of goods and service tax (GST) on 1 July. Click to read more
Multi-location service providers such as banks, telecom operators, airlines and insurance companies are staring at huge compliance burden with the Goods and Services Tax (GST) set to become a reality soon.
These service providers would need to take State-wise registrations in place of current centralised registration, file monthly returns instead of six-monthly increasing the compliance manifold, say tax experts. Click to read more
LPG, one of the three petroleum products to be under the GST from day one along with kerosene and naphtha, would be taxed at the same rate for commercial and domestic users.
Liquefied petroleum gas (LPG), one of the three petroleum products to be under the goods and services tax (GST) from day one along with kerosene and naphtha, would be taxed at the same rate for commercial and domestic users. Click to read more