Anti-profiteering under the goods and services tax (GST) has gone from being a plain costing issue to one that’s worrying board members. Several directors have written to company CFOs and finance teams seeking an update on price reductions under GST, said people aware of the matter.
The government has been actively pushing companies to pass on the benefits of GST, especially after rate reductions earlier this month, and directors don’t want their companies to get caught up in complaints on this score with the anti-profiteering authority about to be established, experts said. On the other hand, they are also concerned about maintaining profitability. Click to read more
Union Finance Minister Arun Jaitley on Friday said the Goods and Services Tax (GST) has made doing business easier for traders by expanding the market place and reducing tax compliance burden.
He further said that the two structural reforms — GST and demonetisation — will benefit the economy in the medium and long-term.
“GST has made doing business and trade very easy. The market size for every trader has grown. Now whole country is his market,” Mr. Jaitley said while responding to questions regarding the second quarter economic growth estimates. Click to read more
It is a welcome news if natural gas and LNG are coming under GST. Today we are out of it and in addition to customs duty and service tax, we have the VAT which is the local government’s levy. All that adds up to a considerable number and depending on the state’s levy ranging between 6% and 26%, makes the product costlier. Click to read more
The GST Network (GSTN), a non-profit, non-government organisation which manages the entire IT system of the GST portal has been at the receiving end for all the issues that cropped up in the course of the implementation of the Goods and Services Tax (GST) in India. Yet, in the past five months the organisation has steered India towards a new indirect regime, albeit on a bumpy road.
Here ETCFO caught up with Prakash Kumar , CEO, GSTN to get a sense of the key outstanding issues and the priorities for the coming months. Prior to this assignment, Kumar, an officer of the Indian Administrative Services (IAS) from 1985 to 2008, held positions at the strategic consulting arm of Cisco and then worked as the National Technology Officer at Microsoft India. Click to read more
Finance Minister Arun Jaitley said that the results of Uttar Pradesh civic polls reaffirmed people’s support for the GST which has made doing business “easier” for traders.
At a media briefing, he also recalled his party’s unprecedented win in Uttar Pradesh and Uttarakhand assembly polls following the demonetisation decision and noted that it had swept “trading hubs” in UP to underline popular support to note ban. Click to read more
Manufacturing activity in India in November expanded at its fastest pace in thirteen months, a private survey showed on Friday.
The Nikkei India Manufacturing Purchasing Manager’s Index (PMI) rose to 52.6 in November from 50.3 in October as growth in consumer and intermediate goods offset a marginal deterioration in investment goods category.
A reading above 50 on the index indicates expansion.
“India’s manufacturing economy advanced on its path to recovery as disruptions from the recent tax reform (GST) continues to diminish,” said Aashna Dodhia, economist at IHS Markit and author of the report. Click to read more
The upgrade of India’s sovereign rating by Moody’s in mid-November lifted the national mood. Even people in Delhi paused in the midst of gasping in toxic air, and cheered feebly. In financial terms, the rating upgrade does not make a huge difference. It was more in the nature of a follower action to the confidence reposed in India by global investors, after nearly 14 years of no upgrades, with an interlude in 2012 when there was threat of a downgrade. Click to read more