Analysts expect the overall transition into the formal sector to take place at a slower pace due to tax neutrality and high compliance costs, it would be faster in categories where the GST rates are lower than the existing rates.
Here are some of the stocks, according to analysts, that are going to be impacted with the coming of the new tax regime. Click to read more
Two days into the GST regime, confusion ruled among consumers and businesses with messages floating around on social media about a double taxation on credit cards payment.
The government swung into action on Sunday with Revenue Secretary Hasmukh Adhia taking to Twitter busting “7 myths” that were doing the rounds about the new tax regime. Click to read more
The government does not intend to use the “hammer” immediately to pull down prices, leaving it to market forces to guide companies to pass on the benefits of goods and services tax+ (GST) to consumers.
For more on GST read our complete coverage here
“Competition will force them to fall in line. You don’t have to use the hammer immediately,” a high-ranking officer told TOI, adding that companies and small businesses were themselves passing on the gains to the consumers. Several car companies, consumer goods manufacturers+ and white goods and mobile players have announced price changes with many more expected to follow once they resume business and invoicing after updating their software. Click to read more
Revenue Secretary Hasmukh Adhia on Sunday cleared apprehensions of the consumers over the complexities of the Goods and Services Tax (GST) reform, which is likely to benefit the honest taxpayers. Asserting that people should not fall for any rumor, Adhia in a series of tweets cleared the myth about GST and said that the process around the implementation and execution will be transparent.
Higher tax rate
Myth: The new GST rate is higher compared to earlier VAT.
Reality: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now. Click to read more
Revenue secretary Hasmukh Adhia on Sunday cleared apprehensions of consumers over the complexities of the Goods and Services Tax (GST), which is likely to benefit honest taxpayers.
Asserting that people should not fall for any rumour, Adhia in a series of tweets cleared the myths about GST and said the process around the implementation and execution will be transparent.
Below are seven myths and realities surrounding GST: Click to read more
With a landmark goods and services tax now rolling out across India, Prime Minister Narendra Modi is likely to turn his focus to job creation and other key economic reforms.
Further big structural steps, such as revamping India’s land acquisition and labor laws, are unlikely to occur before the next national election, scheduled for 2019, as Modi’s Bharatiya Janata Party still lacks a majority in the upper house of parliament. Click to read more
Here’s how various sectors in India have reacted to the implementation of the Goods and Services Tax (GST) and how it will impact business.
With India moving towards its biggest tax reform, here’s how various sectors in India have reacted to the implementation of the Goods and Services Tax (GST) and how it will impact business.
Hotel owners find 28% tax steep for cheaper rooms; travel sector satisfied
Following the implementation of the GST, the hospitality and travel sectors expect teething issues in the first few months but are not unduly worried, expecting support from government. Click to read more
Business houses buying tickets for individuals need to provide details about their GST registration to the airlines in order to avail benefits under the new tax regime.
The Goods and Services Tax (GST) framework, which came into effect from July 1, provides for certain input tax credit on air tickets.
Air India, Jet Airways and Vistara, among other airlines have sent out communications to inform passengers that GSTIN details need to be submitted in order to avail the benefits. Click to read more
Ruling out any price rise post Goods and Services Tax (GST), former Revenue Secretary Shaktikanta Das has said such apprehensions are “misplaced” and initial hiccups in its implementation will be sorted out in the next 2-3 months.
Das also said that the Centre and states are well prepared for smooth implementation of the GST, which was launched on the midnight of June 30.
GST has subsumed all indirect taxes including VAT and octroi into single tax nationwide. It has been adopted by all states barring Jammu and Kashmir. Click to read more
On Saturday India kept to schedule and formally embraced, doubts notwithstanding, the goods and services tax (GST) regime. Coincidentally it came about in the 70th year since the country’s tryst with Independence.
That moment on 15 August 1947 politically united India. Now it has forged an economic unity, laying the ground for a potentially seamless movement of goods and an era in which multiple taxes imposed as goods move in and out of states will not lead to cascading taxes and erosion of competitiveness. This combination of economic and political unity is a very compelling idea. Click to read more
The Goods and Services Tax (GST) regime is finally here, with a mixed bag of optimism and apprehensions. The rollout has rekindled hope that India’s reform programme is regaining momentum and the broader economy can only get better from here. On the other hand, there remain fears of disruption, rooted in what’s seen as a hurried transition that might not serve the interests of a majority of India’s 1.3 billion consumers.
Whether hope will triumph over scepticism will be determined by how well Prime Minister Narendra Modi’s government fares in making the GST a “good and simple tax”. Click to read more
Those who have been registered under service tax are required to move to the GST framework and get their registration process completed under GST. This process can be carried out online provided all the required documents are in place.
Service tax login
Go to aces.gov.in to log in to your service tax portal with the registered id and password. Click on the option to obtain provisional ID for GSTN. The provisional ID and password will be displayed. Note the id and password to carry out further process. Click to read more
At long last, after a wait of close to two decades from the first idea to the first implementation,GST is here. The impact on businesses -most businesses except the tiniest local ones -will be substantial. In recent weeks, there’s a good amount of investment research on the impact of GST on companies. All of this is focussed on the impact of GST on the output of a business, and some rudimentary analysis of the first-order impact that input cost offsetting will have on costs. Click to read more
The government has vowed that the goods and services tax (GST) will transform the economy by bringing more businesses into the digital system and filling state coffers, but for shopkeeper Sanjay Kumar Rai, who has never used a computer, the transition is terrifying.
Rai is one of hundreds of thousands of small traders fearful of the GST launched on 1 July that aims to create a single market in place of a labyrinthine system of more than a dozen national and state levies. Click to read more