Page 161 - Gst

GST effect? Gold import to nosedive in June after reaching 2-yr high in May

Reason for high import was that traders wanted to replace gold that was not earlier shown on books

Textile industry hoping rates will be reduced to 12%

The textile industry is hoping that the GST Council would consider reducing GST rate

GST will not push real estate prices up, feel industry experts

Real estate prices would be off-set by 'input tax credit' under the GST law

Textile industry in TN hopes GST Council will reduce rate to 12%

Textile industry is hoping that the GST Council, which is expected to meet on Sunday would considering reducing GST rate on manmade fibres, filaments and yarns to 12 per cent. The Association said independent weaving unit may have to incur additional cost of over Rs 2 lakhs per annum.At the 16th GST Council meeting on June 11, 2017 it was announced that 18 per cent as the GST rate for manmade fibres, filaments and yarn. The Council also has decided not to allow refund of accumulation of input tax credit at fabric stage that attracts only 5 per cent GST rate.The Council also has not included the job work on garment and made-ups related activities under the list of 5/% rate of service tax. M Senthilkumar, chairman, The Southern India Mills' Association (SIMA) said that the textile industry is hoping for GST Council at its meeting held on June 18, 2017 would consider the representations and reduce the GST rate on manmade fibres, filaments and yarns from 18 per cent to 12 per cent and ..

Don't force flat buyers to pay entire amount before July 1: Tax dept

The indirect tax department has warned builders against asking flat buyers to face higher tax rates if they don't pay the entire amount of houses before July one due to the proposed goods and services tax (GST). The Central Board of Excise and Customs (CBEC) said if any builder resorts to such practice, the same can be deemed to be profiteering under the of GST law. The GST Council is yet to frame rules on anti-profiteering and this issue could be taken at the meeting on Sunday.The Board said states have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to face higher tax incidence for payment made after 1st July 2017. T"This is against the GST law," it said. It clarified that construction of flats, complex, buildings will have a lower incidence of GST as compared to a .

GST return filing: Excel sheet format to come on June 25

The GSTN is the IT backbone provider for the new indirect tax regime

GST: Note books, LPG, insulin & other daily use products to become cheaper

The new indirect tax regime in the country is to come into effect from July 1

Country ready for GST rollout, anti-profiteering rules soon: Hasmukh Adhia

The tax reform will unify India's $2-trillion economy and 1.3 billion people into a single market

GST impact: 28% tax rate on consumer appliances worries fan manufacturers

Indian fan industry has urged the government to revise GST tax rate on appliances to 12%

GST Council likely to ask NIC to develop E-way Bill system

GST Network has already floated tender inviting companies for developing the system

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