Page 162 - Gst

GST rollout on July 1: Deadline for filing tax returns extended by 2 months

The official launch of the GST is slated for mid-night of June 30 and July 1

Civil services exam sees questions on GST, Modi govt schemes, benami deals

Lakhs of aspirants appeared in the preliminary examination held across the country

GST impact: Surat diamond merchants to protest against proposed rates

Many traders even intend to sit on a hunger strike from July 1, if their demands aren't met

GST rollout: India Inc prepared for India's biggest tax reform from July 1

CII is organising over 100 workshops across India to enable corps to comply with new regulations

GST rollout: Experts warn of cyber threats, recommend firewall for systems

Experts opined there could be a rise in the number of security incidents post GST implementation

GST attracts $3.55 billion of foreign capital through FPIs to India in June

Foreign investors had pulled out over Rs 3,496 crore from the markets in January

Malabar Gold to invest Rs 2,000 cr, to open 80 stores

Expecting better sales after the new uniform taxation regime GST from next month, jewellery chain Malabar Gold & Diamonds has drawn up a Rs 2,000 crore expansion plan to open 80 more stores this financial year. On how the expansion will be funded, company's Chairman M P Ahammed said 75 per cent will be debt from banks and the remaining Rs 500 crore will be internal accruals. The Kozhikode-based company is the second largest jewellery retailer in the country with 85 showrooms, behind Tata's Tanishq, and has 97 stores abroad. "Of the 80 stores planned this year, 40 will come up in the Gulf markets, and 10 in other markets like Sri Lanka, Hong Kong and Singapore. Lanka will be first new overseas market. In the domestic market, we will open 30 more stores," Ahammed told PTI over phone. Its 95 overseas showrooms are spread across six Gulf Cooperation Council (GCC) countries, and Singapore and Malaysia, and the chain is on course to enter Sri Lanka and Hong Kong soon. The group, ..

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 .