As India gets ready for its biggest tax reform in decades, industries such as ecommerce, banking and insurance, logistics and others will get another chance to resolve any niggles they have with the goods and services tax (GST), which the government wants to put in place by July 1. Click to read more
PM Narendra Modi has asked ministers and MPs to engage in a major public outreach over the goods and services tax+ (GST) with legislation related to the tax reform expected to be passed by Parliament soon.
The PM told a recent meeting of the Cabinet that the government needs to vigorously explain the benefits of the tax reform+ that he thinks will be a significant milestone for the NDA government. Click to read more
Taxes on premium and luxury cars under the GST regime will be about four to 12 percentage points lower, but the cess on demerit goods may play a spoilsport
If you’re looking to buy a luxury or a premium car, you may like to wait until the goods and services tax (GST) is implemented. The potential benefit: Taxes will be about four to 12 percentage points lower. Click to read more
The next 6 months will provide much required cues about kind of growth opportunities that GST throws up, and how companies are pursuing them
There is a widespread belief that the implementation of the goods and services tax (GST) will herald a new era for logistics firms. The new regulation will strengthen organized companies’ competitive position vis-à-vis the unorganized sector, as customers will be allowed to offset service tax under GST. Currently, a large part of the surface logistics business is handled by the unorganized sector as tax avoidance helps them keep prices lower. Click to read more
As per the Centre’s directions the goods and services tax (GST) will come in effect from 1st July, so Brihanmumbai Municipal Corporation (BMC) will discontinue its octroi from then and till then BMC will set only monthly octroi targets. On 29 March, BMC will reveal its budget for the financial year 2017-18. Click to read more
“The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval,” a Finance Ministry statement said.
CBIC would supervise the work of all its field formations and directorates and assist the government in policy making in relation to GST, continuing central excise levy and customs functions, it said. Click to read more
Economists are betting that India has seen the back of the impact of its unprecedented cash ban, prompting foreigners to pour in investment that’s crucial to help bridge a widening current account deficit. Click to read more
After consultations with the stakeholder associations in the travel, tourism and hospitality industry, the Federation of Associations in Indian Tourism & Hospitality (FAITH), the umbrella body representing tourism industry associations, has submitted its representation to the Union Ministry of Finance (MoF) with suggestive GST (Good & Services) Tax rates. Click to read more
The Comptroller and Auditor General of India (CAG) plans to audit the impact of note ban and the affect it has had on government tax revenues, said CAG Shashi Kant Sharma.
In an interview to PTI, he said the auditor is gearing up to audit tax revenues under the new Goods and Services Tax (GST) regime and has started capacity building and reorienting its audit methodology and procedures. Click to read more
Government May Table GST Legislations In Parliament: The Union government is likely to table supplementary goods and services tax (GST) legislations in Parliament on Monday. Sources said they could be taken up for discussion as early as 28 March. Also, amendments to the Excise and Customs Act to abolish various cess as well as furnishing bills for exports and imports under the new GST regime will be placed before the House. According to the sources, the government is looking at passage of the GST Bills in the Lower House by 29 March or latest by 30 March. Click to read more
The benchmark BSE Sensex may open flat or slightly weak on Monday morning, taking cues from the weak trend in the global market. On Friday evening, the 30-share index had closed the week at 29,421.40, up 89.24 or 0.30% higher from previous close.
On Monday, Asian shares were trading “on a cautious note as President Donald Trump’s stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth. Click to read more