Medicines Will Get Costlier After GST Rollout
Life-saving drugs may see a marginal increase in price while other OTC formulations might get more expensive post GST implementation.
GST Will Help SMEs Secure Credit Easily
Good news for SMEs! GST seems likely to open up more avenues for securing credit in a reliable and easy manner for the sector, say experts.
Mobile Companies Worried About GST Compliances
Telcos are having a tough time deciding the impact of GST on their revenues. The GST software overhaul required could set the industry back a fair bit.
No GST on Alcohol, but Beer Will Still Be Costlier
Alcohol is currently outside the purview of GST. However, experts believe this might cause more trouble for the liquor industry in the coming days.
GST Council Meeting in Srinagar – Day 1 Briefing
The GST Council's fitment committee is currently discussing the rates for various products. Here are the updates from Day 1 of the meet in Srinagar today.
Will GST Bring Down Prices? New Tax Rates Will Tell
Businesses have made their GST calculations, and are not entirely sure if the new tax will lower prices. Much depends on the Council's decision this week.
Majority of Businesses May Still Not Be GST-Ready: Survey
The countdown to GST is on and the news that majority of Indian businesses are still not ready is a bit unsettling. A survey from Ginesys gives the numbers.
Excise Collections May Drop Before GST Goes Live
With dealers preferring to play the wait-and-watch game and no buy inventories before GST goes live, excise collections in the second quarter may drop.
GST Fitment Committee to Meet in Srinagar This Weekend
The rates on goods and services have long been awaited. With the fitment committee meeting this weekend to decide rates, we can finally have the answer.
One-Third of State Revenue to Be Outside GST Purview
GST started with the promise of 'one nation, one tax'. But keeping multiple state taxes outside its purview defeats the exact purpose of the new tax regime.
GST to have Smaller Assessee Base as compared to Current IDT Universe
GST will subsume all the indirect taxes in India, but the tax base of the new regime might become smaller than what it is now.
GST Enrollment will Reopen Soon: Revenue Department
The GSTN portal stopped enrollments on April 30. The Revenue Department has now stated that the enrollment process will start again soon.
Quarterly Return Filings for All Taxpayers Not Workable: Finance Minister
Speaking at an event in the capital, the Finance Minister clarified why quarterly returns cannot be made possible for all taxpayers under GST. Read more.
GST Will Improve Competitiveness Among Domestic Companies
A level playing field and a seamless flow of input tax credit should allow domestic companies to blossom in the GST era, says the Revenue Secretary.
Large Companies Worried about Supplier Readiness for GST
Even as companies in the country prepare for GST launch, doubts about supplier readiness and flow of input tax credit continue to haunt them. Read more.
GSTN begins pilot testing of return filing process
Return filing under GST will be done online, and to ensure that the system is ready for taxpayers, the GSTN will conduct a live test soon.
GST subpanel to fix rates of individual goods by this weekend
The fitment committee will soon meet for a three-day discussion to finalise the tax rates of all goods and services and align them to present tax rates.
GST expected to boost growth by 4.2% says Federal Reserve
A new paper from a U.S. Federal Reserve says that the estimated impact of GST on India's GDP growth could be as high as up to 4.2%.
PM asks states to amp up clearance of GST Bills
With GST's go-live date knocking on the door, the PM has asked all states to clear GST Bills on priority. Changing the FY to Dec-Jan was also on the cards.
Two tax slabs for services likely; Council is examining proposal
Under GST, services might be taxed at two separate rates - 12% and 18%, instead of one uniform rate to avoid unnecessary burden on the end consumer.
Real estate sector worried about raised costs due to GST
Real estate developers across the nation are worried that the overall cost of properties could rise by a discernible margin under the new GST rates.
Kerala leads the way in businesses migrating to GST
GST will go live on 1st July and businesses across the country are migrating to the new tax regime. Kerala is leading the way in this regard.
AITAF wants E-way Bills under GST to be scrapped
The All India Tax Associates Federation wants the Finance Minister Mr. Arun Jaitley to completely do away with the the E-way Bills under GST.
GST rates to be decided this week
The GST council’s fitment committee which includes tax officials from the Centre and the states will meet this week to find a formula for slotting services into the four-tiered tax structure of GST.
GST Council might keep single tax rate for each product group for simplicity
Experts hope that the GST Council will not keep variable tax rates within a single product group as it will further complicate the tax system.
Soaps, shampoos, and toothpastes get costlier as sellers get ready for July 1
FMCG brands have already started to lay out plans for GST with de-stocking and raising prices before implementation to protect operating costs.
Congress wants GST pushed to October; calls the Bill ‘imperfect’
Senior Congress leaders want GST implementation to be pushed to October citing an inverse impact on small and medium enterprises and imperfect tax rates.
GST Bill to be tabled in Rajya Sabha today
The government is pushing ahead with its agenda of rolling out the country’s biggest tax reform since independence by tabling the GST Bills in Rajya Sabha today
SBI raises concerns about GST rollout
State bank of India has become the first Indian bank to raise concerns about the compliance required for services under the GST regime
Finance Ministry asks for public opinion on GST Rules
The government has put eight set of rules relating to GST in the public and asked for opinions from industries and end consumers.
Exchange offers to become less attractive under GST
GST will apply on the actual value of goods purchased and not on reduced amount under exchange offers paid in cash, says government.
GST will not apply on education, healthcare, and pilgrimages
The government has decided not to levy GST on sectors which are currently exempt from tax such as healthcare and education.
Govt. very serious about July 1 deadline: Hasmukh Adhia
Revenue Minister Hasmukh Adhia says that the government is very serious about implementing GST come July 1. Delay can happen only in special circumstances.
Seven hour debate in Parliament on GST Bill starts
The GST Bill is under debate in Lok Sabha today in a marathon seven-hour session where it faces opposition from the Congress.
GST Bills to be discussed in Lok Sabha tomorrow
GST Bill enters its last phase with four important bills up for discussion in the Lok Sabha on Tuesday. The deadline for GST is July 1st.
GST will not apply to Kashmir in its present form : Hasib Drabu
Under Article 370 of the Constitution, J&K enjoys financial autonomy and special taxation powers which contradict the provisions of the GST Bill.
Petroleum should also be a part of the GST structure, says Ministry
Petroleum Minister Dharmendra Pradhan is of the opinion that bringing petrol under the purview of GST will help states in the long run.
Centre to get bigger share of the residual GST Compensation Fund
The new GST Compensation Bill gives the Centre a bigger share of the residual fund after the five year transition period, as compared to before
Still no clarity on amount for state compensation packages
The GST council had approved the bill to state compensate packages for possible revenue loss in the five years following GST implementation.
GST council meet for decision on GST launch date
The GST council is meeting is to resolve differences between centre and states over administration powers over GST registrants.
GST council to debate major laws in next meeting: Revenue Secretary
A major law like the GST cannot be implemented without a few hiccups, and figuring out nitty gritties is part of the job of the GST council.
Model GST Law – Final version from the month end
The country is gearing up for the implementation of GST from July but the nuances of the model GST law are yet to be set in stone.
GST on E-com sector unites all to ask for help from FICCI
Due to GST on e-com sector online rivals Amazon, Flipkart, and Snapdeal approach FICCI as a united front in a bid to gain exemption from GST.
Seller associations not sharing e-com companies concerns over TCS
While the e-com companies concerns over TCS, the sellers association seems to be quite pleased with the idea of a level playing field.
Kerala jewellers association pushes for uniform gold tax under GST
The Kerala jewellers association pushes for uniform gold tax at 1.25% under the new GST regime since gold tax is not part of the four-tier GST structure.
Textile mills ask PM for fixed 5% levy under GST law
Tamil Nadu textile mills have approached Prime Minister Narendra Modi to ask for a fixed levy of 5% under the new GST law.
GST Council approves bill to compensate states for revenue losses
The GST Council approved the bill guaranteeing compensate states for revenue losses that may occur due to the transition to the new tax regime.
GSTN under the scrutiny for tax evasion, says CBEC
The GSTN is a privately held firm that is tasked with building the IT infrastructure for transition to GST & is now under scrutiny for tax evasion.
Cabinet abolishes cesses; govt. to lose INR 65,000 crores in revenue
In order to facilitate GST implementation, the government is looking to do away with 16 cesses and surcharges on the union excise and service tax.
AAP’s Manish Sisodia wants to address traders’ concerns under GST
Manish Sisodia wants the government to rethink and address traders’ concerns under GST more closely and focus on the most affected people and businessman.
States demand e-permit for goods transported across borders
The negotiations between the Centre and the states on the finer points of GST bill have argued for the e-permit for goods transported across borders.
GST announces cess rates on tobacco products and pan masala
GST Council has decided to limit the cess rates on tobacco products at 290 % ad valorem and on pan masala at 135% ad valorem.
GST Council clears way to rollout GST bill
The GST Council has given the green signal to rollout GST bill from July, after clearing all requisite regulations and legislations.
Cabinet clears four bills for GST; will move Parliament next
The Cabinet approved four critical bills on Monday, clearing the way for GST implementation by July 1. These bills will now be presented to Lok Sabha.
Impact of GST on inflation to be less than 20 bps, says Nomura
The Japanese fiscal research company Nomura has said that the impact of GST on price rates in India would be less than 20 basis points.
Beverage giant Coca Cola wants lower GST rates and increase in deadline
US beverage company Coca-Cola wants the Indian government to reduce the tax on aerated drinks from 43% to 34% and to increase the July 1st deadline for implementation to September.
GST Council Deadlock – A Blessing in Disguise for SMEs?
Impact of the Deadlock in GST Council over the contentious issue of Revenue Sharing and Dual Control