Page 157 - Gst

File taxes online: GST launch spawns tech cottage industry for compliance

IT cos and tax advisers are teaming up to market GST compliance products to firms large and small.

Less formalised sectors are the weak link for GST: SAP India President & MD

It is estimated that SAP-enabled enterprise resource planning systems and solutions will account for 40 per cent of all transactions under the new goods and services tax (GST) regime. DEB DEEP SENGUPTA, president & managing director at SAP India, shares with Sudipto Dey, his perspective on corporate readiness for the new indirect tax. Edited excerpts:How are companies going about adapting to the change in the indirect tax system?Their first focus is to be GST-compliant and get GST-ready. Then, most companies - of all sizes - will take this opportunity to re-design their supply chain to improve their efficiencies, be it in logistics, manufacturing, distribution, supplies or stock points, etc. This will happen once the compliance and readiness drive is over. Large companies are already on that journey; smaller ones will follow. Businesses will use the power of one market to ship their goods in more efficient manner. This will pan out in phases at least over the next two years - ...

GST to be death knell for Surat's Rs 50,000-cr textile industry

Dhiraj Shah, MD of Shalon Industries pvt ltd having composite units for synthetic fabrics in Gujarat's Surat with Rs.500 crore annual turnover is worried due to high GST on synthetic yarn while fabric he makes will attract 5 per cent GST. He has 1 per cent share in 25 year old textile hub, Surat's Rs.50,000 crore annual business. His problems are twofold. He will collect less GST from his buyer and pay much higher duty on raw material yarn. And his fabric will face competition from cheap imported fabric which will become further cheaper by 11 per cent post GST. Surat is producing daily 4 crore metre fabric daily and only 20 per cent by composite mills who do all value addition in-house. For them fabric cost due to inverted duty structure or excess accumulated duty credit following high GST on yarn on their books and additional working capital cost will be around 3 per cent. 80 per cent fabric in Surat is made by power looms and shuttle less looms who will be already at a disadvantage .

GST regime: Builders must pass on lower rates to buyers, says FinMin

Otherwise, the action would be violation of the anti-profiteering clause

Fabric traders stage strike against 5% GST levy

Cotton fabric traders staged a nationwide token strike on Thursday, protesting at the decision to bring the item under the Goods and Services Tax (GST) net. A five per cent rate has been levied -- around a million small and medium size units were paying no duty so far. Even if these units wish to evade the tax, garment makers would be a check -- to claim input credit from the government, garment manufacturers would need GST compliance papers from fabric makers and traders."We had a firm belief that items which at present are not taxed (either excise or value added tax) will continue to enjoy exemption. Textiles have been classified under essential commodity/goods of special importance. The industry and trade employs 100 million people directly or indirectly. Most of them are in the unorganised sector or self-employed. If GST is imposed on textile fabrics, the backbone of the trade will be broken," goes a representation by the Textile Traders' Association (TTA), a body of fabric ...

GST impact: Dry fruits merchants across India on strike against high rates

Dry fruits merchants in Ahmedabad, Delhi, Mumbai and Jaipur, the four major markets in the country, observed a complete bandh to protest against the GST rate of 12 per cent for dry fruits. The Dry Fruits and the Kirana Associations of Gujarat observed a bandh on Thursday demanding a reversal of the GST rates to the current tax rate of 5 per cent. Hiteshbhai Pariyani, Chairman of Dry Fruits Association said that while traders welcomed the GST as this would regularise the trade across the country, they also felt that hiking the rate from 5 to 12 per cent would be detrimental for demand. At least 20-25 per cent demand impact is expected by the merchants. All major trade associations across the country extended their support to the bandh and downed their shutters. Along with the Dry Fruits and Kirana Associations of Gujarat, all other associations of Dry Fruits & Kirana merchants in Delhi, Mumbai, Jaipur and other important markets also observed a complete bandh.Gujarat alone accounts

Here's the complete list of pre-GST discounts being offered by companies

While apparel makers are trying to liquidate old stock, auto firms try to draw buyers to showrooms

We are prepared for GST from July 1: MoS for Civil Aviation Jayant Sinha

The civil aviation ministry today said it is prepared for implementation of GST from July 1.This comes in the wake of reports which said that the ministry has sought deferment of roll out to September 1."Discussed preparedness with all aviation stakeholders, concerns were satisfactorily addressed. We are prepared for GST from 1st July," minister of state for civil aviation Jayant Sinha tweeted on Thursday.On Wednesday, Sinha held a meeting with representatives of airlines and airports to discuss aviation sector concerns with regard to the new tax regime. " We have not made any recommendation to the finance ministry to postpone GST implementation. Deferment of GST is not ministry's view and we had simply forwarded industry demands on the topic," said a civil aviation ministry official.Industry associations including International Air Transport Association have raised the issue of tight timeline for implementation of the new tax. Concerns have also been as significant amendment would .

Come Sunday, rules will be finalised to stop firms from cashing in on GST

GST Council will vet e-way, anti-profiteering rules on Jun 18

Civil Aviation Ministry seeks two-months deferment of GST rollout

Carriers, including Air India, have expressed concern over certain aspects of GST

GST regime: Grain merchants shut shops as protest against 5% tax

Fearing significant rise in essential commodities, merchants demand lower tax

GST regime: Worried about 28% tax, granite industry calls for lower rate

An industry body demands a 12% rate for labour-intensive sector

GST registration for biz to reopen on June 25 as 1st deadline ends today

At present, among 80 lakh assessees, 64.35 lakh have migrated to the GSTN portal

GST bonanza: Electronics, branded apparel cheaper, thanks to clearance sales

The new tax regime will not allow retailers a full set-off on goods procured in the last six months

BJP leaders to travel across country from July 2-7 to explain GST

New Delhi, June 14Wary that the Goods and Services Tax (GST) regime roll out from July 1 could fall victim to confusion, members of the union council of ministers are set to fan out across the country from July 2 to 7 in an effort to reach out to stakeholders, especially industry chambers and traders' groups, to dispel doubts.Members of the union council of ministers are looking at strenuous three weeks, starting from International Day of Yoga on June 21. While Prime Minister Narendra Modi is scheduled to be in Lucknow to mark the day, other ministers have been asked to visit state capitals or their constituencies to perform yoga.On June 25, ministers and Bharatiya Janata Party (BJP) leaders will mark the 'anti-Emergency day'. While June 26 is considered the day when the Indira Gandhi-led Congress government had imposed the Emergency in 1975, the anti-Emergency day will be marked a day in advance since Eid falls on June 26.The Modi government and BJP's decision to mark the ...

Don't believe rumours: GST will roll out from July 1, says government

Ministry said that preparations are in full swing for a smooth implementation of GST

Retailers want FMCG firms to cut prices after GST roll-out

Industry expects to reduce prices by 2-20%

More players possible in processed foods after GST cuts

Instead of 18%, these products will attract a GST of 12% from July 1

Drug inventory with stockists falls ahead of GST

The first week of June saw a sharp 13 day reduction in drug inventory at the stockist level raising fear of possible shortages with the implementation of GST on July 1.As on June 7, stockists were carrying 27 day inventory, while in May end they had stocks for 40 days."Compared to May 31 there is a steep reduction of almost 13 days in terms of inventory days. However average inventory days of 27 days is more than adequate to service market needs at the moment and there is not even a remote likelihood of shortage of medicines at retail level," said Ameesh Masurekar, director of AIOCD-AWACS, the market research wing of All India Organisation of Chemists and Druggists.The government has set July 1 for implementation of GST. With the exception of life saving drugs and few other products, medicines have been included in 12 per cent tax rate which is higher than the current tax level. There is anxiety within the trade channels on trade margins and this is leading to lower off take by ...

Please note! Imported garments to become 5-6% cheaper with GST

Despite the GST (Goods and Services Tax) Council provided all input credits to the textile industry, imported garment is likely to remain 5-6 per cent cheaper than domestically produced apparels.Import of textiles products is subject to counterveiling duty (CVD) equivalent to the excise duty currently stands at 6 per cent on cotton and 12.5 per cent on polyester which importers were getting as a central value added tax (Cenvat) credit.This CVD, however, was optional at a flat rate of 2 per cent in case the importer does not claim a set off against input costs. This government has provided 40 per cent abatement on this optional flat duty rate which works out to 0.80 per cent. This means, the total applicable tax stands currently at 1.2 per cent for importers who does not claim set off.Apart from that importers were paying 4 per cent of special additional duty (SAD) without any duty protection which in actual terms, after considering cess and education cess, works out more than 5 per ...