Page 151 - Gst

GST regime: Truckers caught in twists and turns

Three days into new regime, truck owners across India are struggling to smoothen the flow of cargo

Maharashtra, Tamil Nadu raise taxes outside GST, Centre says they can

Two state governments, Maharashtra and Tamil Nadu, have started imposing taxes outside the national goods and services tax (GST), something the Centre says they can do.The Centre says states may impose mandi (wholesale markets) tax and vehicle registration fee, beside raising entertainment tax beyond the GST rate.On Tuesday, the Maharashtra cabinet decided to raise the one-time registration fee on private two-wheel and four-wheel vehicles by two percentage points, for new ones registered in the state. This is to compensate for a combined revenue loss of Rs 600-700 crore annually that it will lose on local body taxes and octroi after GST implementation. The increase is across vehicle categories. It has, however, capped the tax for imported cars at Rs 20 lakh, as against the earlier charge of 20 per cent of the total car cost.A report by news agency PTI stated the tax on two-wheelers and three-wheelers had been raised from the existing 8-10 per cent to 10-12 per cent; for petrol-driven .

GST regime: Tax hike could increase illegal gold sales

Under new regime, tax on gold has jumped to 3% from 1.2% previously

Keeping close watch on price, supply of goods after GST roll-out: Adhia

Close to 202,000 new entities have registered under the GST Network

Why local body taxes on films are a bad idea

Battle between theatre owners and Tamil Nadu govt over additional taxes could set a bad precedent

I can lynch you here, J&K minister tells NC MLA in Assembly over GST

"I can lynch you here," Jammu and Kashmir minister Imran Ansari told National Conference leader Devender Rana in the Legislative Assembly during a discussion on implementation of the Goods and Services Tax (GST). The remark came during a heated argument between the minister and the opposition MLA. J&K is the only state which is yet to implement the GST, which came into force in rest of the country on July 1. Rana, while taking part in the discussion on the GST regime, said members of House should rise above "political considerations" and agree upon what is good for the state and its people. He opposed the GST in its current form, saying it would render the special status of the state as a "hollow husk". The minister for information technology, technical education and youth services and sports, interrupted and accused Rana of "double standards". He claimed that while Rana was opposing the GST in the Assembly, while he has already migrated his businesses to the new taxation .

What GST means for BJP

GST's significance for the BJP's politics is as important as its implications for the Indian economy

GST-compliance blues will melt away

GST Council has taken several decisions to ensure easy migration for SMEs to the new system

GST impact at a glance: Here is how key sectors of economy will be affected

Sectoral impact of GST, which aims to facilitate seamless input credit flow across supply chain

GST story: From birth of an idea to midnight launch, full journey of 11 yrs

GST is India's biggest tax reform in 70 years since Independence

GST: After 17 years of brainstorming, India wakes up to historic tax reform

'Tonight, we are rewriting the destiny of our country, PM Modi' said at the midnight launch event

Garment units in a fix over confusion in GST rates on job work

Textile industry has said that the confusion over tax rates on the job work still not addressed. They have knocked the doors of the Ministry asking for a clarification.At the June 11th meeting the GST Council has said that services by way of job work in relation to textile yarns (other than man-made, fibre/ filament) and textile fabrics brought down to five per cent from 18 per centBut the textile sector thinks that the job works including stitching, printing, embroidery would fall under 18 per cent bracket. Their real worry is what is some processes are donw after fabric is converted in garment? A senior industry representative town of Tirupur said that the confusion is that in case if the stitched garment is sent for job work for printing / embroidery whether it attracts 5% or 18%. The notn details for 5% stops at fabric stage.Tirupur Exporters Association has represented to clarify the position.Confederation of Indian Textile Industry (CITI's) Chairman, J Thulasidharan said that ...

GST transition pangs: Confusing times ahead for retailers, consumers

Thousands of retailers, manufacturers have no idea how they will bill customers from July 1

GST impact: Your cooking gas just got costlier by Rs 32 per cylinder

Price of subsidised LPG increased to the highest level in 6 years

GST session in J&K delayed as media boycotts House over reporting curbs

After an apology from the Speaker Kavinder Gupta, the journalists later called off their stir

GST roll-out not going to boost govt coffers in short term: Fitch

GST will unify the indirect tax system and remove domestic barriers to trade. says Fitch Ratings

Khan market to Phoenix Mills: GST a recap of chaos that occurred when VAT was enforced

For Sanjiv Mehra, a retailer in the capital's Khan Market, counted as among the most expensive high street shopping hubs of the world, implementation of goods and service tax (GST) is like a recap of what happened nearly 12 years ago when value added tax (VAT) was enforced."It is too premature to comment on GST, but 12 years back we faced the same problems when VAT was introduced. There are lot many complexities in GST and getting on board initially is quite capital intensive. Also, we are unsure about how we will get input tax credit on the old inventory," Mehra, who is also the president of Khan Market Traders' Association, said.Clearing old stockThe first working day after the implementation of GST saw lower customer footfalls than usual. For retailers, the biggest business was finding ways to clear old inventory. "The government should tell us how we are going to get input tax credit on our existing stock. At present we are paying from our pocket. We fear we will be hit by losses .

GST: Filing maze awaits assessees, navigating many forms to be challenging

These processes would require the help of consultants or chartered accountants

Want us to carry your goods? Show GST number first: Transporters to traders

Transport companies are now insisting on GST number from traders before accepting goods to be transported anywhere. If trader has not talen GST number, transporters are not accepting it, said one large and two small transporters. Ashok Shah, chairman of V- Trans, a large Mumbai headquartered transport company and part chairman of Bombay Goods Transport Association confirmed the development. He said that, "with octroi duty subsumed in GST that is a big relief and will save time in transit while saving fuel. However, for transporting goods sender's GST number is required because the way tax provisions for transporters is made that is necessary".In the erstwhile tax structure, transport services were under 5 per cent service tax. Now also that is five per cent GST. However in transportation business transporters don't have to take registration, collect taxes from sender on rent or transport charges and deposit to the government. this used to be duty of sender who will pay transport ...

GST: Cabinet secy P K Sinha reviews price of essential commodities

To ensure that prices of essential commodities particularly daily use items don't flare up due to implementation of the Goods and Services Tax (GST), the Central government today held a high level meeting of senior officials from the departments of textile, Food and consumer affairs, food processing, railways, micro-small and medium enterprises, rural development, tourism, fertilizer, pharmaceutical and financial services among others. Officials said all necessary steps including revision of import duties on certain items such as sugar and edible oils could be taken to nullify any possible impact of GST on prices and supplies. "Government has asked all departments to ensure that there is no shortage of products and consumer items in order to keep a check on prices, while special emphasis has been laid to keep prices of essential commodities under check," an official statement said. All ministries have been directed to provide all relevant information including GST rates on their ...