GST Ready India

GST Ready India’s Latest News and Updates

Readymade garment exports down 3.84% in August over GST worries

Sep 18, 2017

A 5-Point Guide For Buyers To Understand The Effect Of GST On Real Estate

The big question for the buyer: “The property you want to buy, has it got cheaper or more expensive after the implementation of GST?”

The answer is here.

After two and a half months of much confusion around Goods and Services Tax (GST) on real estate that came into effect in India from July 1, 2017, the answer to the big question is here: “It depends on these 5 points.” Click to read more

Modi government may slash spendings further as GST hits tax collection, growth may slide

India could be forced to cut spending on key infrastructure such as railways and highways as lower-than-expected tax collections and sluggish growth have upset the government’s budget calculations, two finance ministry officials said.

Tax receipts were about $7.8 billion in July – a little over half the monthly target – mostly because millions of firms failed to comply with the new Goods and Services Tax (GST) system that harmonises all state and federal sales taxes but is still a work in progress. Click to read more

GST has safeguards to check tax evasion

Consumers’ complaints of high rates are mere perception, say officials of Commercial Taxes department

If some traders and businessmen are trying to hoodwink the system by suppressing part of cash based transactions with the connivance of consumers, they will be doing so at their own peril, warns the Commercial Taxes department.

GST came into vogue only two months ago and the focus is more on bringing every one into the GST platform. Click to read more

The Daily Fix: Hyundai’s complaint against GST is a red flag about India’s economic management

The Big Story: Urgent rethink is essential

The Indian economy is in slowdown mode. The rate of growth of the Gross Domestic Product has fallen for six consecutive quarters. Close on the heels of the Union government’s seemingly whimsical decision in November to demonetise 86% of currency in circulation, the shaky roll-out of the Goods and Services Tax launched in July has proved to be another drag on growth. Click to read more

Manmohan Singh takes potshots at note ban, ‘hasty’ rollout of GST

Former prime minister Manmohan Singh today again warned of demonetisation and “hasty” implementation of GST adversely impacting GDP growth.

Singh, who had previously cautioned against note ban shaving off 2 per cent of GDP, said demonetisation of 86 per cent of the currency in circulation and the hasty implementation of the Goods and Services Tax (GST) have impacted informal and small scale sectors, which account of about 40 per cent of the USD 2.5-trillion economy. Click to read more

GST to change Budget structure

The 2018-19 Union Budget, the first one since the implementation of the goods and service tax (GST), could have a markedly altered structure than the ones before. Finance Minister Arun Jaitley (pictured) is expected to table the Budget and present his speech in Parliament on February 1, 2018. Part B of the speech, which contains tax announcements, is expected to be the shortest till date. This section covers direct and indirect taxes. But, the GST has subsumed almost all indirect taxes, leaving only basic Customs duty in the government’s hand. The reins of the new indirect.. Click to read more

Bring petroleum products under GST: Pradhan

Oil Minister Dharmendra Pradhan said he has requested the Ministry of Finance to bring petroleum products under the ambit of Goods and Services Tax (GST) in the interest of consumers.

Justifying the move, he said there has to be a “uniform tax mechanism” all over the country.

“This is the proposal of the Ministry of Petroleum. We have appealed to all the states and finance ministry (to bring petroleum items under GST). Looking into the consumer interest, there must be tax rationalisation. GST is a well thought mechanism by the Government of India and the states, they developed the GST Council… Click to read more

Readymade garment exports down 3.84% in August over GST worries

Readymade garments (RMG) exports dropped by 3.84 per cent in August. Exporters have said that they are not able to confirm orders since, after the implementation of the Goods and Services Tax (GST), duty drawback and rebate of state levies (RoSL) are yet to be decided.

In August 2017, Rs 8,556.35 crore worth of RMG exports were reported as against Rs 8,897.77 crore a year ago — a drop of 3.84 per cent.

Tirupur Exporters Association President Raja M Shanmugam said that the trend would continue as exporters are not able to take new orders since, after the GST implementation, the threat of loosing drawback to the tune of five-six per cent has prevented worried exporters from confirming orders. Click to read more

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