Page 161 - Gst

3% GST opens room for cheap import of gold jewellery from FTA countries

3 per cent Godds and Service tax on gold will open window for cheap imports of gold and silver jewellery and articles from Indonesia and South Korea from 1 July. The reason being till now there is 12.5 per cent countervailing duty on import of such jewellery and articles from these countries with whom India has free trade agreements.Since excise duty of 12.5 per cent will be replaced with 3 per cent GST from July, countervailing duty also comes down at 3 per cent and there is no import duty on import from FTA nations or 1 per cent in some cases. So, according to a veteran bullion market source, "instead of normal duty of 15 per cent on import of gold jewellery, 3 per cent is lucrative enough for importers to flood Indian market with cheap jewellery".A year ago in February 2016, government proposed 12.5 per cent excise duty for gold jewellery but jewellers were given input credit benefit maki8ng effective rate of excise at 1 per cent and because of tariff rate of 12.5 per cent excise, .

Cabinet Secretary asks ministries to form GST cell to hear industry

Sinha said GST cell should be managed by a small core team with economic adviser as head

GST to reduce tax evasion cases by simplifying taxation system: NITI CEO

Indirect tax regime to help India achieve 9% growth rate, said Amitabh Kant

Traders, businesses learn the ABC of GST as roll-out deadline nears

Industry bodies are organising nationwide classes to teach people the nitty-gritty of GST

GST: Biscuit makers sour over tax parity

This has raised the chances of a price increase in the glucose category

IT hardware prices to rise at proposed 28% GST rate: Industry

The industry body has said that there is an ambiguity with respect to the rate of GST on printers

Govt fixes GST rates on all items: Impact on sectors and stocks

The GST Council will meet again on June 11 and review the rates based on industry representations

GST: PM Modi satisfied with readiness for July 1 implementation

Nearly sealing the goods and services tax (GST) implementation from July 1, Prime Minister Narendra Modi reviewed the preparedness, asking that high attention be given to cyber security in the enabling information technology (IT) systems. The main problem now is that seven states -- the other 22 have done it -- are yet to pass their respective state GST legislations, with less than a month for the scheduled date of the tax's introduction. These are West Bengal, Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal. All, except J&K, are ruled by opposition parties. J&K also has a different dispensation. Its legislative assembly will have to also pass a Bill stating that both the Central GST and Integrated GST applies there. And, pass its own state GST, like the others.Statutorily, if GST is not introduced by a state as of September 16, it will not be able to impose indirect taxes. The PM took the meeting amid the stiff opposition raised by West ..

GST to put severe pressure on margins of fertiliser companies

With a backlog of nearly Rs 30,000 cr, increase in subsidy burden will block firms' working capital

Drug makers want lower GST on nicotine gums, say 18% impedes health policy

Drug makers want the government to lower the 18 per cent goods and service tax rate on nicotine gum as it contradicts its health policy and makes de-addiction more expensive.As per existing rates nicotine polacrilex (raw material used in gums) is taxed at 5 per cent while gums are taxed at 10.2 per cent. The GST rate on nicotine gums has been fixed at 18 per cent. The increase in rate has upset the industry which has petitioned the government to reconsider its move.With tobacco taxation being at same level as pre GST structure the cost of gum will become dearer which can have an adverse impact on adoption of nicotine replacement therapies thereby affecting the quit rates, say drug makers.De-addiction segment is valued at over Rs 100 crore annually and nicotine polacrilex products constitute around 70 per cent of the segment. Cipla, Rusan Pharma, ITC and others manufacture nicotine gums."Due to an increase in GST rate on products related to nicotine replacement therapy from 10% to ...

High GST on inputs to spoil party for synthetic fabric makers

Exporters await govt's export policy- a move expected to remove anomalies in current GST structure

GST another growth enabler for Titan

A lower-than-expected tax rate leads to a 17% spike in the stock price

GST to be turning point for economy, will greatly benefit common man: Modi

Directed the officials that maximum attention be paid to cyber-security in IT systems linked to GST

PM Modi reviews GST ahead of July 1 rollout

All goods and services have been put in slabs of 5%, 12%, 18% and 28%

GST: A big step forward

GST Council has done productive work, but more remains

GST's new absurdity for import of goods

IGST and compensation cess will be added to the value for charging EC and SHEC

GST impact: Tax on advances gives India Inc the jitters

Cost of a transaction is likely to increase under the new tax regime, say experts

Unfinished agenda to keep GST Council busy till roll-out

The GST Council has finalised rates for almost all goods and services

Get the small details right: Robert Tsang

He says GST compliance framework is very much of the 21st century, big, bold, next-generation

Odisha seeks exemption of handloom, handicraft from GST

Livelihoods of more than 350,000 artisans and their families are at stake