The Goods and Services Tax (GST) refunds to exporters for July-October do not amount to Rs 65,000 crore as claimed, Parliament was informed today.
“It is not a fact that Rs 65,000 crore (dues) are to be refunded to exporters during the July-October quarter as per available refund claims lodged with the government,” Minister of State for Commerce C R Chaudhary said in a written reply to a question in the Rajya Sabha.
Exporters had earlier said Rs 65,000 crore could get stuck by the end of October if GST refunds do not start flowing immediately. Click to read more
In line with the past three-four years, the performance of real estate in 2017 was lacklustre in terms of growth in prices and sales. Real estate which was one of the most sought after investment avenue among India has seen a dip in its popularity off late because of the stagnation or dip in prices. Apart from this, real estate has been considered a safe haven for parking black money but the reforms such as Real Estate (Regulation and Development) Act (RERA) and Goods & Services Tax (GST) and Demonetisation brought in by the government to curb the black money menace has hit the sector hard. Click to read more
The Punjab cabinet today gave its go-ahead for the levy of entertainment tax on DTH and local cable connections by municipalities and panchayats.
The Punjab Entertainments & Amusements Taxes (Levy & Collection by Local Bodies) Ordinance, 2017 was approved by the Cabinet during a meeting chaired by Chief Minister Amarinder Singh here.
The Cabinet discussed and approved a proposal mooted by the Local Government Department to levy nominal entertainment tax at the rate of Rs 5 per DTH connection and Rs 2 per local cable connection per month by all the Urban Local Bodies and gram panchayats of the state, an official release said here. Click to read more
In a representation to Finance Minister Mr. Arun Jaitley, the Coordination Committee of the All District Court Bar Associations of Delhi has demanded that the legal profession be excluded from the purview of the Goods and Service Tax (GST)
The letter contends that inclusion of the legal profession under the definition of “business” “has upset the settled proposition of noble profession and causes serious prejudice to the interest of entire legal community” Click to read more
The debate around demonetisation and GST may continue in the public domain in the coming months, but poll outcome in UP and Gujarat has proved that though the voter may have issues with the two major economic decisions, it does not influence the voting preference.
GST was one of the major issues that Congress had flagged during the Gujarat campaign. Former PM Manmohan Singh slammed the NDA government on the manner in which it was implemented. He also reiterated his views on demonetisation and said it was “organised loot and legalised plunder”. Former commerce minister Anand Sharma also campaigned on the issue in Gujarat. Singh and Sharma met groups of business persons in Surat where they emphasised their views on currency recall and GST. Click to read more
Despite a host of issues surrounding the implementation of Goods and Services Tax (GST) among business, trade and industry in Gujarat, the state has managed to secure its position among the top five states with highest GST collection. The total GST collection, including state GST (SGST), central GST (CGST) and integrated GST (IGST), in the state stood at Rs 21,859 crore as of November 30, according to data provided by Union ministry of finance. With this, Gujarat ranks third in the country as far as total GST collection is concerned. It trails behind Maharashtra (Rank -1) where GST collection stood at Rs 49,538 crore and Tamil Nadu (Rank-2) where the total GST collection was Rs 22,083 crore, as of November 30. Click to read more
Implementation of Goods and Services Tax (GST) has spruced up demand for higher tonnage trucks as regional warehouses get bigger to serve to markets even beyond their state boundaries.
Demand for trucks bigger than 25 tonnes is expected to remain robust over the next 2-3 years aided by a string of new launches, stricter overloading norms, better fuel efficiency and pre-ponement of purchases by buyers to avoid the BS-VI price hike. Click to read more
It’s Christmas time and the season of cakes is here, but not as sweet as they used to be. The Goods and Services Tax (GST) has made cakes dearer.
Cakes come at prices ranging from Rs. 300 to Rs. 900, but each cake carries with it a hefty GST tag of 18%, up from 5% earlier. A cake priced at Rs. 500 would now come for Rs. 590, GST accounting for the additional sum. Little impact on market But that has not dampened the market.
Be it the most sought-after plum cakes or other cake varieties, there is good demand from the people this Christmas season as well, say major bakers and pastry shop owners in the city. Click to read more