Jewellers welcomed the decision to fix the goods and services tax (GST) rate for gold at 3 percent and for rough diamonds at 0.25 percent, saying the move will help boost the industry.
They said the government has understood the need of the bullion industry and created a special category in the GST.
“We welcome the government’s decision of 3 per cent GST for gold and 0.25 per cent on rough diamonds. We are happy that the Centre has created a special category, which will help the industry,” All India Gems and Jewellery Trade Federation (GJF) Chairman Nitin Khandelwal told PTI here. Click to read more
In an attempt to minimize losses arising out of the mismatch between tax payout and tax refund, goods and services tax (GST) transition rules for claiming tax credit on old stock have been amended. The deemed transition credit limit has been raised from the proposed 40% to 60% of the Central GST liability (CGST) for products that attract a tax rate of 18% and above. This also applies to products that cost more than Rs25,000 and bear a brand name of the manufacturer and are serially numbered, like automobile, refrigerators, automobile, mobile phones etc. Click to read more
Finance Minister Arun Jaitley on Monday said that the Goods and Services Tax (GST) is a simplified indirect tax regime and there is no reason to further postpone its targeted July 1 roll-out date.
“With all the procedural matters decided, registrations are taking place at a fast pace. Today I see no reason why we can’t target July 1,” Jaitley told CNBC TV18.
West Bengal Finance Minister Amit Mitra has raised serious doubts over the feasibility of GST roll-out from July 1, saying that the Goods and Services Tax Network (GSTN) was not ready to handle the large volumes of forms that would be received. Click to read more
Nearly sealing the goods and services tax (GST) implementation from July 1, Prime Minister Narendra Modi reviewed the preparedness, asking that high attention be given to cyber security in the enabling information technology (IT) systems.
The main problem now is that seven states — the other 22 have done it — are yet to pass their respective state GST legislations, with less than a month for the scheduled date of the tax’s introduction. These are West Bengal, Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal. All, except J&K, are ruled by opposition parties. Click to read more
Exports may have been kept zero-rated in the upcoming Goods and Services Tax (GST), but exporters will have to first pay the GST at much higher than the existing rates in several engineering goods, and then claim refunds which would not only add to the cost of shipments, but also violate government’s much avowed programme of ‘Ease of doing business’, EEPC India has said.
“The biggest uncertainty would be the problem of classification of thousands of items manufactured by the trade and industry. Several items are capable of dual classification and there is no clear cut distinction between the products,” said TS Bhasin, chairman of the apex engineering export organisations. Click to read more
With the Goods and Services Tax (GST) set to be rolled out from July 1, the GST Council has approved constitution of a three-tier structure for ‘project management’ of GST, consisting of the office of revenue secretary Hasmukh Adhia at the top, followed by a Project Management Team called GST Implementation Committee and eight standing committees. In addition to these, there will be 18 sectoral groups to look into the specific issues of sectors such as telecom, banking, mining and pharmaceuticals sectors, officials said. Click to read more
After Siddharth Roy Kapoor and Kamal Hassan, Bollywood actor Salman Khan is the latest from the film industry to express his feelings over the Goods and Services Tax (GST). When asked about government’s decision for announcing 28 percent tax slab under the GST for cinema, the 51-year-old actor said, “Whatever the government has done, they must have done it with proper planning.” To mark the world Environment Day, the Sultan star launched two battery-powered bicycles under his Being Human brand.
Both the variants of the Being Human E-Cycle – BH27 and BH12 – are available in four colours, white, yellow, red and black. Additional variants will be available for sale in a few months. Click to read more
Leather shoes may pinch under the goods and services tax (GST) as the prices are expected to go up by an estimated 5-7%.
The proposed GST rates may push up prices of footwear across categories, while leather as a segment is most likely to be hit due to high rates.
The GST Council meeting, chaired by finance minister Arun Jaitley, on Saturday categorised footwear into two tax slabs—those priced below Rs500 will be taxed at 5%, while others will be taxed at 18%. Click to read more
As the country stands on the cusp of a transformational tax reform, the worry now centres on how smoothly trade and industry can carry over existing input credit into the new GST regime. Therefore, trade and industry is looking closely at transitional rules. This has important consequences on how quickly trade would like to draw down their inventories before the implementation date and also on decisions relating to the pricing pattern. Click to read more
Road developers are adopting a wait-and-watch strategy on goods & services tax (GST) rollout for construction projects as the government is yet to announce if the contracts will be exempt from the taxation or not.
A fortnight ago, the GST Council exempted toll revenue from GST.
As per the schedule of GST rates for services, “Service by way of access to a road or a bridge on payment of toll charges” has not been included under the taxation fold. Click to read more