Page 155 - Gst

GST Council lowers tax rate on fertiliser to 5%, on tractor parts to 18%

Ahead of peak kharif sowing and keeping in mind farmer unrest across the country, the Goods and Services Tax Council lowered the rate on fertiliser from 12 per cent to five and on tractor parts from 28 per cent to 18 per cent.The decision was taken on the eve of the mega launch of GST. The move could bring down the price of fertiliser, as the current tax rates are six to eight per cent. Some stockists had started holding on to their inventory in anticipation of a rise in prices, leading to an artificial shortage in some parts."The move on fertiliser is surely positive for the industry and also farmers but the input tax credit issue needs to addressed earnestly or it will add on to our long list of unpaid bills," Satish Chander, chairman of the Fertilizer Association of India, told Business Standard.With the earlier GST rate, retail prices could have gone up by Rs 30-120 a 50-kg bag on urea, di-ammonium phosphate (DAP) and potash in states with nil tax on soil nutrient such as Punjab, .

On eve of GST roll-out, retailers brace for diehards

On Friday night, Big Bazaar will remain open for a midnight shopping bonanza

GST should require attention to the following list for seamless transition

The govt sought to either maintain or reduce the existing tax burden on most goods

GDP to face GST hiccups: Economists

However, under GST regime, CPI inflation might decline

GST: Machinery ready to respond to initial difficulties, says Ashok Lavasa

Says, industry's response to goods and services tax is underestimated

GST preparedness: As registration rises, small traders remain jittery

Almost all of 5,60,000 traders in Karnataka had migrated to new platform as of June last week

There's no doubt GST will boost GDP, says Narayana Murthy

Infosys co-founder says tax reform will simplify trade, boost the economy and generate jobs

GST: A checkered journey

GST was finally launched on midnight of Friday

GST a disruptive change, tribute to India's democracy: President Mukherjee

He said given the magnitude of the task, it was not a surprise that there were many issues

GST gets a new definition: PM Modi terms it 'good and simple tax'

Modi said GST will eliminate the compounding effects of multi-layered tax system

GST launch: India takes a leap towards 'one nation one tax'

The midnight launch of the Goods and Services Tax (GST), the biggest tax reform since independence, catapults India into a select league of nations that have a national sales tax. Amid boycott of the launch ceremony by principal opposition parties like the Congress which termed it as "tamasha" (gimmick), the new tax regime overnight replaces the messy mix of more than a dozen state and central levies built up over seven decades. The one national GST unifies the country's USD 2 trillion economy and 1.3 billion people into a common market, an exercise that took 17 tumultuous years. The GST will eliminate the compounding effect of the current multi-layered tax system as well as the cross-state tax heterogeneity by fixing the final tax rate. It is expected to lower the average tax rate on manufactured goods and make them uniform across states by fixing the final tax rate. While the measure is billed as making doing business easier by simplifying the tax structure and ensuri

GST is here: After 11 years of wait, midnight tryst with tax reform

Council lowers rate on fertilisers to 5%; Mamata cries 'inspector raj'

GST: Jaitley advises Opposition to focus on mainstream, not fringe issues

Jaitley said the midnight launch would go on despite some parties deciding not to participate

Traders hopeful that GST will end miseries they faced with VAT: CAIT

Traders have upgraded their existing systems whereas others are purchasing GST compatible software

GST: New tax database to be richer, impact GDP measurements, says TCA Anant

He said value-added growth will continue, economic growth will be higher than what it was last year

GST impact: Pencils, books will not get costlier, assures Prakash Javadekar

Prices of most items will not rise because India's GST policy is unique, says Javadekar

GST impact: Affordable housing to get fillip; luxury homes to get costlier

Luxury property prices might go up marginally

Jewellery sales rise 50% on freebies ahead of GST roll-out

Jewellers have witnessed a 50 per cent increase in their business over the last one week in a rush of consumers to buy their piece of ornaments ahead of GST (goods and services tax) roll-out and price increase thereafter.Many jewellers have offered upto 100 per cent discount in making charges of diamond jewellery and upto 50 per cent in gold ornaments. Since the making charge works out to 12-18 per cent of gold value, consumers rushed to the jewellery shop to prepone their future bookings and also build inventory for occasional use. In diamond jewellery, however, making charges work out to even higher which provided a great relief to consumers to book their precious ornaments in advance."There is a rush in jewellery shop today with consumers buying aggressively ahead of GST roll-out. With the implementation of GST, gold price would go up. So, consumers are booking their piece ahead of price increase," said Nitin Khandelwal, Chairman, All India Gems and Jewellery Trade Federation ...

GST to abolish large taxpayer units as central excise, subsume service tax

LTUs functioned as self-contained tax administration offices under the Department of Revenue

GST to bring back 'Inspector Raj': Mamata Banerjee on arrest clause

West Bengal chief minister, Mamata Banerjee, whose government has been protesting against the July 1 rollout of the Goods and Services Tax (GST) regime, on Friday, upped her concern, alleging that the GST has paved the way for the dreaded 'Inspector Raj' to be back in business."I am shocked to find that the GST rules contain a rather draconian arrest clause which can lead to major harassment of business, particularly the small and medium, with some sections even being non-bailable too", she said.As per the GST rules, inspectors will have the right to arrest business owners on four types of offences which can lead to a 1-5 years jail term. Such a clause was absent under the Value Added Tax (VAT) regime where the field officials of the state's tax department did not have the power to arrest anybody. In case the inspector spotted any serious tax offence, then they had to file a First Information Report with the police and then follow the due process of law.Banerjee said her government ...