Page 149 - Gst

GST stands for 'goodbye to simple tax': Sibal gives another name to new tax

He said the advent of the GST had hit and small and medium traders hard

GST may help railways regain market share

GST is expected to impact the freight and logistics segments the most

PM Modi's GST is good for government, bad for people, says Congress

Congress' statement is an indirect jibe at Modi who termed the GST as Good and Simple Tax

Despite digital challenges, Northeast traders embrace GST

Industry-starved northeast states are mostly consumer states. GST will be beneficial: Mahesh Saharia

GST: Supply chain intermediaries not ready for transparency, accountability

Movement of goods worth more than Rs 50,000 will require prior online registration on GST portal

GST impact: Firms face jail term for not printing revised MRP on inventory

The government has warned companies to depict the revised Maximum Retail Price (MRP) of their products' unsold stocks in the goods and services tax (GST) regime.If not, stated consumer affairs minister Ram Vilas Paswan on Friday, there could be penalty of up to a year in jail, for brwach of the Legal Metrology (Packaged Commodities) Rules. "Non-compliance of this will attract a fine of Rs 25,000 for a first offence, Rs 50,000 for a second time and up to Rs 1 lakh penalty for the third offence onwards and even imprisonment of up to one year," the minister said. He did not say who in an errant company could be jailed -- the tax parlance is 'principal person in default'.Manufacturers have been allowed to clear pre-GST unsold stocks by September 30 with the new MRP.Under the GST regime, Paswan said, some prices of goods have fallen and some have risen. "We have told companies to reprint revised rates on unsold goods. Stickers of the new MRP should be pasted, so that consumers are aware ..

GST: IT sector, SMEs to spend more than $25 billion by 2020, says Nasscom

Besides looking at GST as opportunity, IT sector has its own concerns over new indirect tax regime

India Inc revenue grows 7% in June quarter; GST may cap growth, says CRISIL

India Inc revenue growth at 7% in Q1; GST may cap growth by 1.2%, says Crisil

GST regime: Govt tells traders to issue advertisements about price hikes

Law provides for indicating the MRP of a product clearly on every product: Revenue Secretary

GST regime: Indian Motorcycle cuts prices of 3 models by up to Rs 2.21 lakh

American cult bike brand Indian Motorcycle today reduced prices of three of its models in India by up to Rs 2.21 lakh after GST implementation. Polaris India, which sells the brand in the country, said the price reduction in the three models -- Indian Scout, Indian Dark Horse and Indian Chief Classic -- ranges between 9 per cent and 12 per cent. The post GST price of Indian Scout model will be Rs 12.99 lakh as against Rs 14.75 lakh earlier, a reduction of 12 per cent, the company said in a statement. Similarly, the Indian Dark Horse model will now be tagged at Rs 21.25 lakh, down 9 per cent from Rs 23.4 lakh before. The Indian Chief Classic model will cost Rs 21.99 lakh in the GST era, down 9 per cent from Rs 24.2 lakh earlier, it added. Indian Motorcycle sells a total of nine models in India. Other two-wheeler manufacturers TVS Motor Company, Honda Motorcycle & Scooter India, Hero MotoCorp, Bajaj Auto, Royal Enfield, Yamaha and Suzuki Motorcycle have ..

GST impact: Cos face jail term for not reprinting revised MRP on inventory

Manufacturers have been allowed to clear the unsold stocks by September with new MRP

GST: M&M to phase out hybrid cars, halts production of Scorpio hybrid

GST on hybrid cars is fixed at 43% that puts them in the same league as luxury cars and SUVs

GST extended to Jammu and Kashmir amidst opposition boycott

GST regime will roll out in the state at midnight tonight

GST refund: Govt to make provisions for reimbursement in excise-free zones

The Union government has moved a proposal to make a budgetary provision for refunding its share of area-based exemptions on indirect taxes given to certain states in the past. In last week's meeting of thee Goods and Services Tax (GST) Council, it was decided that 'all entities exempted under payment of indirect tax under any existing incentives scheme of central or state governments shall not continue under the GST regime and existing units shall pay tax under the GST regime'.Under the discretionary powers left to it by the Council regarding these incentives, the finance ministry has proposed to provide budgetary support for refunding its share in GST to such units to which exemptions in indirect taxes were granted, for promoting industrialisation. The units are situated in Jammu & Kashmir, Himachal Pradesh, Uttrakhand and the northeastern states, In these states, some areas have been catagorised as excise-free zones and units in those areas were eligible for expemptions. ...

Modi govt integrated the nation economically via GST, says Arun Jaitley

The Narendra Modi government has been able to integrate the nation economically for the first time through the Goods and Services Tax (GST), Finance Minister Arun Jaitley said on Thursday.Addressing a gathering of Bharatiya Janata Party functionaries and workers of the Delhi organisation on the birth anniversary of Syama Prasad Mookerjee, the minister noted that even Jammu & Kashmir had been brought into the common taxation fold of GST. It may be noted that Mookerjee had died in a Kashmir jail, after being arrested in an agitation against the state's separate Constitutional status. Jaitley's address was interrupted by frequent chants of Bharat Mata Ki Jai and Har Har Modi. However, the organisers ensured that Jaitley, the chief guest, received no less adulation from Delhi-based leaders, who reminded everyone of the minister's long association with the city -- he was president of the Delhi University Students Union when the emergency of the mid-70s was imposed, and he was jailed. ..

Modi govt's 7-rate tax structure a 'mockery of GST', says P Chidambaram

New Delhi, July 6Senior Congress leader P Chidambaram today said the Goods and Services Tax (GST) regime the Narendra Modi government rolled out on July 1, with its seven or more rates, has made a "mockery" of the GST that was originally planned.The former finance minister said the Congress is "convinced that the administration and businesses - especially small and medium business - are unprepared or underprepared for the rollout of GST." Chidambaram, said businesses wanted some more time and the rollout should have been deferred by two months, and the GSTN (GST Network) should have been put through a trial run and the glitches, if any, should have been addressed. He said the GST rate should have been capped at 18 per cent.Traders and small and medium enterprises (SMEs) have held protests and strikes across the country in the last few days. In Tamil Nadu, textile industries today commenced a six-day strike demanding abolition of GST on textile goods. The Confederation of All India ...

Traders with turnover below Rs 20 lakh will have to register for GST: Adhia

Rs 20 lakh registration limit is only for intra-state traders

Who set the ball rolling on GST? Vajpayee, not Congress, says Arun Jaitley

Vajpayee govt setup a task force in 2003, submitted a report saying merger of central, state levies

Nation was politically integrated, GST integrating it economically: Jaitley

With the new tax regime, things will be simplified: Jaitley

GST makes cars cheaper by up to Rs 3 lakh: Full list of discounts offered

Under the GST regime, tax on automobiles has been capped at 43 per cent