Despite the massive disruption to small and medium enterprises (SMEs) across the country, anecdotal evidence suggests most of them broadly support the goods and services tax (GST). Yes, they do have their grievances about it. But these relate to the abnormalities in the rate changes, the complexity and cost of adhering to it and the haste with which they have been forced to adopt it. Click to read more
Large taxpayers may be asked to file their goods and services tax (GST) returns earlier than others, a move that would help reduce last-minute rush on the GST Network portal. A group of ministers, headed by Sushil Kumar Modi, Bihar’s deputy chief minister, has recommended this as an interim solution to the GSTN glitches that are vexing sections of the taxpayer community. Stating that GSTN is robust enough to handle the expected traffic — not more than a fifth of its capacity is being utilised even during rush hours — Modi told Sumit Jha in an interview that Infosys would send its technical teams to all states in a week, which would stay there for a brief period and assist local tax officials to operate the system better. Click to read more
With international crude prices on the rise, big oil importers like India are feeling the heat. But consumers in India have another reason to feel aggrieved. Thanks to an increase in fuel taxes, they did not benefit when crude prices were sliding. And now that crude prices are rising, they are being forced to shell out more.
Faced with public anger, the oil ministry asked state-owned oil marketing firms to keep their profit margins in check. But that drew more criticism as the government was seen to be protecting its own revenues and also interfering with the pricing policy of oil companies. Click to read more
Traders, manufacturers and business establishments require to file Goods and Services Tax (GST) returns from the month of July even if their turnover was nil, commissioner of commercial taxes KK Khandelwal said on Monday.
Addressing the media, Khandelwal said returns for the month of August can only be filed once the returns for July are submitted. “Delay in filing the return will invite penalty of Rs 200 per day till the time tax return is filed. Click to read more
Anil Bhardwaj is the secretary general of the Federation of Indian Micro and Small and Medium Enterprises. This group of enterprises is popularly referred to by the abbreviation MSMEs. Mostly in the informal or unorganised sector until the Goods and Services Tax was unrolled on July 1, Bhardwaj explains their adjustment problems with the new tax regime that has created much uncertainty. He believes that GST and demonetisation have accelerated India’s economic slowdown. Excerpts from an interview: Click to read more
The BJP national executive hailed demonetisation as an “unprecedented success” that laid the foundations of a transparent economy and appreciated the Narendra Modi government’s role in implementing the goods and services tax, underlining that it led to ease of doing business and benefited the people.
The conclave passed a political resolution thanking Prime Minister Narendra Modi and finance minister Arun Jaitley for the passage and implementation of GST. The resolution also emphasised the tough stand on terrorism, welfare of farmers, peaceful solution to the Dokalam standoff with China, effective diplomatic initiatives and the government’s commitment to the backward castes. Click to read more
Borewell rig owners in the small town of Tiruchengode in Tamil Nadu, who operate their machines across the country, are worried over the applicability of Goods and Services Tax (GST).
Out of nearly 10,000 rig vehicles in the country, nearly half belong to residents of Tiruchengode, nearly 400 km west of Chennai. Providing service to agriculture sector, the industry was earlier exempt from Service Tax and are hoping for exemption under GST Act. However, there is no clarity on the GST as yet.
The rigs criss cross the country. Each vehicle costs over ₹1 crore and carries 5-6 workers, sources said. Click to read more
In an interview to CNBC-TV18, Harsh Mariwala, Chairman of Marico gave an update on how the company is faring post goods and services tax (GST) and what is the growth outlook.
GST impact depends on fast moving consumer goods (FMCG) companies’ exposure to rural areas. Saw negative impact in rural and wholesale business due to GST issues, he said.
He hopes this impact to be transitionary.
Saw GST impact on wholesale channel in the range of 2.5-5 percent, said Mariwala. Click to read more