Page 163 - Gst

Textiles industry wants uniform GST for whole value change

The consensus in the non-handloom part of the organised textile industry seems to be for a uniform Goods and Services Tax (GST) rate. The GST Council meets this Saturday to discuss it. At present, the sector doesn't have fibre neutrality in taxes. Cotton fibre has no excise; synthetic fiber has five per cent; fabric has nil. Branded garments have the option of a low rate if no input credit is claimed. The average is five to eight per cent. Says S C Kapur, director-general, Association of Synthetic Fibre Industry, "A 12 per cent GST is advisable for the whole value chain. Cotton and manmade fibre need to be taxed at the same rate. The government has been talking of fibre neutrality since long and implementation of GST is the right time."He explains that if the entire industry is taxed at the lowest GST rate of five per cent, then inout credit can't be fully claimed. Garments, being value added items, are likely to be taxed at 12-18 per cent, it is reported. Then, 80 per cent of fabric .

West Bengal tops GST enrolment chart at 89.3% so far

Even as West Bengal's finance minister, Amit Mitra claimed that he has "serious doubts" about the country's preparedness to meet the July 1 deadline for the Goods and Services Tax (GST) rollout, the service tax department suggests otherwise. Data provided to industry body Confederation of Indian Industries (CII) by the Kolkata Commissionerate of the service tax department shows that on an average, the pan-India GST enrolment rate stands at 84.01 per cent while Mitra's own state, West Bengal, has beaten the national average by over five per cent, where the rate stands at 89.35 per cent. The data is as on May 1, 2017. This percentage, which, according to Bijay Kumar, principal commissioner of service tax for the Kolkata Commissionerate, is an indicator of the state's preparedness to adopt GST, is ahead of Maharashtra or Delhi NCR, where it is 87.90 per cent and 84.59 per cent, respectively.CII had organised a two-day GST training programme where Kumar, alongwith other officials, was ...

Domestic processed fish sales to get push with 5% GST

Rolling out of GST (Goods and Services Tax) in July is likely to encourage sale of processed fish in the domestic market which is largely unorganized.About 95 per cent of the domestic fish market, which is estimated to be Rs one lakh crore, is unorganized."Earlier there were higher levies of around 12.5 per cent on processed fish. Now it has been brought under the slab of five per cent and may open up opportunities for processed fish market", said Tara Patnaik, chairman of Falcon Marine Exports Ltd, country's largest seafood exporter.Fish falls under chapter 03 of GST commodity tariff schedule for goods. All goods other than fish seeds, prawn/shrimp seed processed, cured or in frozen state will be taxed at the rate of five per cent when the new tax regime comes into force in July.Some of the fresh water fish like Rohu, Catla, Mrigal and other minor carps and marine fish like Hilsa, Pomfrets, Mackerel, Bhekti, Khainga, Prawns, Crab have high demands in the domestic market.With the ...

Automobile dealers stare at Rs 1,000 cr hit on transit stocks under GST

Automobile dealers across different products could take a hit of more than Rs 1,000 crore owing to the transitory provisions under the GST. Dealers who always carry a significant inventory of cars, two wheelers and commercial vehicles in showrooms, stockyard and in transit will be able to only get a 40 per cent credit on the Central GST that they will pay (from July 1) on excise paid vehicles dispatched by manufacturers till June 30. Raising this issue with the Department of Revenue early this week, industry body Society of Indian Automobile Manufacturers (Siam), said dealers usually carry vehicle inventory of four-eight weeks depending on the product and the distance from a manufacturing unit. The association said this inventory is worth Rs 48,000 crore as it includes cars, two wheelers, three wheelers, light and heavy commercial vehicles, etc as well as spare parts.From July 1, the dealers will have to bill vehicles such cars at a GST of 28 per cent and a cess of up to 15 per cent ..

GST: Ordinance likely to give teeth to anti-profiteering clause

A legislation for penal action is required both at the Centre and state levels

Hit by regulatory hurdles, hotel sector revenue to improve 7% in FY18: Icra

Despite flat revenues, fourth quarter of FY17 operating margins improved to cost controls, says Icra

GST: 5% for gold, 12-18% for biscuits; no exemption for handicrafts likely

HUL plays Swachh Bharat card to push for lower rate on detergents

Put tobacco under 28% GST slab: Exploited 'bidi' workers to Modi govt

Bidi industry owners take advantage of us: Workers

GST: Rough weather ahead for shipping

Tax levy to erode global competitiveness, discourage fresh investments

Ethanol buy to knock back OMCs by Rs 95 cr in GST regime

With an 18 per cent proposed GST, govt indicats no room for subsidy for ethanol procurement

GST: Opportunity for the textile and apparel sector

The sector is also a vehicle of social transformation, especially for women

GST in current form unacceptable, says Amit Mitra

West Bengal's finance minister, Amit Mitra, on Tuesday said, unless a consensus is reached between West Bengal and the Centre over the Goods and Services Tax (GST) rates for certain categories of items, the state will not table the GST Bill in the Assembly."Before placing the Bill in the Assembly, we need to sort out the differences (between West Bengal and Centre). The GST Bill in its current form is not acceptable", Mitra said.The state's finance minister is likely to attend the forthcoming meeting on GST scheduled on July 3. However, he did not attend the previous two crucial meetings.The state's parliamentary affairs minister, Partha Chatterjee said that Mitra will again be writing a letter to union finance minister Arun Jaitley which will express the views of West Bengal's chief minister, Mamata Banerjee. In the May 18 Srinagar session of the GST meeting which followed the announcement of the GST rates, Mitra had written a seven-page letter to Jaitley highlighting 17 suggestions .

Electrical accessory firms seek 12% GST levy, not 28%

Almost 95% of such units are of small scale and do not pay central excise duty

Govt to increase revenue without hiking tax rates, says Hasmukh Adhia

Scope for rationalisation of GST rates, says Hasmukh Adhia

GST: Restaurants, hotels keep shutters down in South

Some makeshift food joints remained open in TN, Kerala, Andhra Pradesh, Telangana and Karnataka

GST: State revenues to rise by Rs 40,000 cr, says Standard Chartered

The total revenue gain at the aggregate level translates to around 0.2 to 0.3% of GDP

GST: Amusement park industry urges lowering of tax rate

Amusement park industry is kept 28% tax slab under GST

Tamil Nadu hotels, eateries shut shop over GST rates, other states join

The one-day bandh declared by the Tamil Nadu Hotels and Restaurants Association and backed by the South Indian Hotels and Restaurants Association (SIHRA), has seen the food outlets closed down across Tamil Nadu, with restaurants and hotels from other States including Kerala, Andhra Pradesh, Telengana and Karnataka participating.The shut down is to protest the centre's move to levy tax in a range of 12 to 28 per cent for the sector. Most of the hotels and restaurants in Chennai were closed on Tuesday, in line with the bandh call from 6 am to 6 pm. Some of the make shift food joints, however, worked as usual, to the reloef of a section of customers.Hotels and restaurants in Kerala, Andhra Pradesh, Telengana, Puducherry and some parts of Karnataka has also been closed down to support the protest, said M Venkada Subbu, president, Tamil Nadu Hotels and Restaurants Association."Almost 5 lakh shops including hotels, restuarants, bakeries, large food joints across six states has been shut ...

GST unveiled: Warehousing industry to see reorganisation

Warehouses will move to consumption-and-transportation network areas

Textiles industry urges govt to continue rebate on state levies post GST

The textile industry has urged the government to continue with the Rebate of State Levies (ROSL) scheme under the Goods and Services Tax (GST) for the benefit of made up exports.The ROSL scheme was introduced in March 2017 initially for three years. But, the industry fears that the scheme will be withdrawn prematurely, being the GST subsuming all other taxes and benefits. Under the ROSL, exporters of made ups get incentives of 3.9 per cent of the value of exported goods.The ROSL benefit not only made Indian made ups competitive in the world markets but also encouraged Indian players to add more capacity to meet the overseas demand. "When the scheme was introduced, many small, medium and large size companies started working on capacity expansions. A number of companies are currently in various stages of capacity expansions despite being the scheme just three-month old," said Ujwal Lahoti, Chairman of The Cotton Textiles Export Promotion Council (Texprocil).The objective of this scheme .