The trader body said they were not consulted before finalising the tax incidence on their sector
Micro, Small and Medium enterprises (MSME) are still trying to assess the full extent of the Goods and Services Tax (GST) regime over the general conducting of their businesses with crucial rules of operation still unclear.Although the government has unveiled GST rates of a significant number of items, majority of companies in the sector are more worried over new accounting and taxation norms that have been opposed by industry and are currently undergoing talks.These include the governments decision to reduce the tax exemption limit for Small Scale Industry units from Rs. 1.5 crore to Rs. 20 lakhs as well as to phase out Central VAT credit from September onwards."We are is in talks with the government on a number of these rules which need to be finalized soon, especially since compliance norms are getting much stricter and the majority of the sector is entering the taxation fold for the first time", Om Prakash Mittal, National President of industry body Laghu Udyog Bharti ...
GST Council has kept commonly used products like hair oil, soaps and toothpaste at 18%
Smartphone retailers are expected to offer fancy discounts before GST kicks in
Union Finance Minister Arun Jaitley had said that the GST would lead to new tax regime
Here is how leading research houses and brokerages have interpreted the announcements
Majority says inflation will reduce; 94% see big boost to economy
Active pharmaceutical ingredients, or raw materials, will be taxed at 18%
GST is a structural reform and is expected to accelerate the pace of GDP growth
Indian Newspaper Society, the apex body for this segment, had lobbied against service tax
Cross-border aircraft leases carried out by scheduled airlines are not subject to Customs duty
No clarity if GST will apply on published ones for rooms or price at which it is sold to consumers
With 40-odd days to go for GST, experts share insights on do's and don't in the new tax regime
Interview with Revenue Secretary Hasmukh Adhia
Traders who cannot meet the stipulated conditions should not opt for deemed credit
Investors shouldn't have high expectations on corporate earnings, says Gautam Chhaochharia
GST Council does well, but questions remain
Move aimed at helping the non-corporate sector in adopting the new tax regime
At present cross border aircraft leases don't suffer customs duty, central excise and VAT
Said 'clean-up' of the subsidy disbursal process was yet another big plus of the government