Page 2 - Gst Rollout

Defer GST rollout as IT network not ready: Assocham to FM Jaitley

There were reports of traders complaining of glitches in the GSTN software for migration

GST: Marathon ends, sprint begins for July 1 roll-out

Tax rates sealed for almost all items; gold to attract 3%, biscuits 18%

Won't support GST in its present form, says Mamata

Unorganised sector, small scale industry would face a lot of problems: Mamata Banerjee

West Bengal will lose tax collection power if it misses date with GST

Even as West Bengal's finance minister Amit Mitra has decided not to table the GST Bill before the Assembly unless it reaches some sort of a settlement with the Centre over the rates of certain goods and services, he may not have a choice but to pass the GST Bill in the Assembly before September 15, this year, failing which the state will lose all authority to collect taxes.According to a taxation expert, as per the 122nd Constitutional Amendment, taxes levied by the Centre, such as excise duty, service tax, customs duty and others and taxes levied by the state, such as VAT, entry tax, purchase tax, luxury tax and others will be abolished and brought under a single umbrella. This amendment, which was passed on September 16, 2016 has a validity of one year. This implies that latest by September 15, 2017, the unified GST structure will have to be implemented. However, clauses in this amendment state that the rollout date for GST, which will replace all other current taxes, can be ...

Jewellers to take 12-18 months to stabilise post GST: World Gold Council

Although the forthcoming GST regime from July this year is poised to usher the country in a more transparent taxation structure, besides assuring tax uniformity across states, the gold industry is likely to take an immediate hit and will take atleast 12-18 months to recover.Since the organised segment in the entire industry comprises only 30 per cent with the major portion of the trade accounting from the unorganised sector, time has to be given for the transition."Behavioural change is necessary in both the consumer and the trade and the inherent complexity of the supply chain will need to be factored in during any such major transition. It will also depend on the final tax impact and regulations", Somasundaram PR, managing director of India at the World Gold Council (WGC) said.However, although the trade will be disrupted for 12-18 months, Somasundaram said GST will prove to be "extremely good for the industry". His argument is based on the fact that the new taxation system will ...

Register for GST, if you pay indirect, service tax

Mandatory registration for businesses with annual turnover above Rs 20 lakh

Ahead of GST, West Bengal tries to settle disputed taxes

Just before the states are preparing themselves to meet the July 1 deadline of the GST rollout, the West Bengal government, on Wednesday, amended the state's taxation laws, offering the hotels, restaurants, bars and cable operators a one-time settlement to clear their disputed dues offering a 50 per cent discount on the accumulated arrear tax.The West Bengal Taxation Laws (Amendment) Bill, 2017, brought in by the government, will amend the Bengal Amusements Tax Act of 1922, the West Bengal Entertainments and Luxuries (Hotel and Restaurants) Tax Act, 1972, the West Bengal Entertainment-cum-Amusement Tax Act, 1982 and the West Bengal Sales Tax (Settlement of Disputes) Act of 1999.With the amendment, the government will offer waiver on penalty and interest of the accumulated amount.The move comes after union finance minister Arun Jaitley and a majority of state finance ministers agreed upon the July 1 rollout date of the new tax regime where the state's value added tax, sales tax, ...

Implementing GST from July 1 a challenge for industry, says Assocham

Says govt must consider relaxing penal provisions for two-quarters to help it comply with GST