Page 162 - Gst

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 ...

Single GST rate on cinema exhibition, plead multiplexes

The goods and services tax (GST) cut for movie tickets below Rs 100 by the GST Council on Sunday has come as a breather for largely single-screen operators. From 28 per cent, this rate was reduced to 18 per cent.Close to 75 per cent of the 8,500-9,000 screens in India are single ones (that is, 6,000 to 6,500). Multiplex operators are disappointed. For, the revenue from tickets priced above Rs 100 is higher than that from tickets below Rs 100. While PVR and Inox Leisure, two of the country's leading multiplex operators, derive six to seven per cent of their revenue from movie tickets priced below Rs 100, for Mukta A2 Cinemas (from the Mukta Arts stable), the revenue from tickets priced below Rs 100 is 20 per cent. Rahul Puri, managing director at Mukta A2, says: "The GST reduction should apply to all ticket prices. We believe the 18 per cent slab is the correct one for films anddo not see why tickets should be bifurcated this way." Deepak Asher, non-executive director, Inox Leisure, ...

GST regime: CBEC to serve as Central Board of Indirect Taxes and Customs

Arun Jaitley has stressed that traders and industry had no option but to get ready by July 1

Levy 5% GST on namkeens: sellers to Arun Jaitley

Namkeens have been placed in the 12% taxation slab in GST regime

GST effect: Prices of major essential drugs to rise by up to 2.29%

Drug price regulator is confident that pharma industry would adopt tax system without much trouble

10% hike too little, we want more to offset GST impact, say pharma players

The pharmaceutical industry has sought permission to increase prices of non-scheduled drugs by more than stipulated 10 per cent in a year as the tax rate on most drugs was increased to 12 per cent under the proposed GST regime from the current incidence of nine per cent. In a meeting held by the Department of Pharmaceuticals with the drug industry, pharma representatives raised this issue. As per the Drug Price Control Order (DPCO) 2013, pharmaceutical companies can increase the price of non-scheduled drugs by upto 10% each year. While 80 per cent of drugs have been put under the 12 per cent GST rate, essential drugs are in the 5% bracket. The industry also raised the issue of refunds on taxes paid on input, called input tax credit in the technical jargon. The GST Council has decided that for stocks whose receipts are not available with dealers, only 40 per cent input tax credit will be given. However, the industry wanted 100 per cent refund.An industry representative who attended ...

Jewellery, tractor makers to gain from revised GST

The Goods and Services Tax (GST) Council's decision to lower rates on 66 items brought cheer to a host of companies in the jewellery, cinema and pharmaceutical sectors.Take jewellery companies. While a lower than expected rate of three per cent on gold was a positive, the earlier decision was to have 18 per cent (from two-three per cent) on making jewellery from plain gold. This would have meant price increases by jewellery makers, which could have impacted the volume. Importantly, it would have further widened the price differential between jewellery sold by organised entities like Titan, PC Jeweller and TBZ from counterparts in the unorganised sector. With this rate now down to five per cent, the organised sector entities can take calibrated price hikes and still gain market share from the others, who will see elevated compliance-related costs with GST implementation. Multiplex companies such as PVR and Inox Leisure will not be impacted much from the reduced rates (18 per cent ...

Unwarranted rush

There is a strong case for postponing the GST roll-out