Page 82 - Gst

GST transition pangs: Confusing times ahead for retailers, consumers

Thousands of retailers, manufacturers have no idea how they will bill customers from July 1

GST impact: Your cooking gas just got costlier by Rs 32 per cylinder

Price of subsidised LPG increased to the highest level in 6 years

GST session in J&K delayed as media boycotts House over reporting curbs

After an apology from the Speaker Kavinder Gupta, the journalists later called off their stir

GST roll-out not going to boost govt coffers in short term: Fitch

GST will unify the indirect tax system and remove domestic barriers to trade. says Fitch Ratings

Khan market to Phoenix Mills: GST a recap of chaos that occurred when VAT was enforced

For Sanjiv Mehra, a retailer in the capital's Khan Market, counted as among the most expensive high street shopping hubs of the world, implementation of goods and service tax (GST) is like a recap of what happened nearly 12 years ago when value added tax (VAT) was enforced."It is too premature to comment on GST, but 12 years back we faced the same problems when VAT was introduced. There are lot many complexities in GST and getting on board initially is quite capital intensive. Also, we are unsure about how we will get input tax credit on the old inventory," Mehra, who is also the president of Khan Market Traders' Association, said.Clearing old stockThe first working day after the implementation of GST saw lower customer footfalls than usual. For retailers, the biggest business was finding ways to clear old inventory. "The government should tell us how we are going to get input tax credit on our existing stock. At present we are paying from our pocket. We fear we will be hit by losses .

GST: Filing maze awaits assessees, navigating many forms to be challenging

These processes would require the help of consultants or chartered accountants

Want us to carry your goods? Show GST number first: Transporters to traders

Transport companies are now insisting on GST number from traders before accepting goods to be transported anywhere. If trader has not talen GST number, transporters are not accepting it, said one large and two small transporters. Ashok Shah, chairman of V- Trans, a large Mumbai headquartered transport company and part chairman of Bombay Goods Transport Association confirmed the development. He said that, "with octroi duty subsumed in GST that is a big relief and will save time in transit while saving fuel. However, for transporting goods sender's GST number is required because the way tax provisions for transporters is made that is necessary".In the erstwhile tax structure, transport services were under 5 per cent service tax. Now also that is five per cent GST. However in transportation business transporters don't have to take registration, collect taxes from sender on rent or transport charges and deposit to the government. this used to be duty of sender who will pay transport ...

GST: Cabinet secy P K Sinha reviews price of essential commodities

To ensure that prices of essential commodities particularly daily use items don't flare up due to implementation of the Goods and Services Tax (GST), the Central government today held a high level meeting of senior officials from the departments of textile, Food and consumer affairs, food processing, railways, micro-small and medium enterprises, rural development, tourism, fertilizer, pharmaceutical and financial services among others. Officials said all necessary steps including revision of import duties on certain items such as sugar and edible oils could be taken to nullify any possible impact of GST on prices and supplies. "Government has asked all departments to ensure that there is no shortage of products and consumer items in order to keep a check on prices, while special emphasis has been laid to keep prices of essential commodities under check," an official statement said. All ministries have been directed to provide all relevant information including GST rates on their ...

GST: Dalal Street cheers smooth road to new tax regime

Sensex rises nearly 1%; FMCG major ITC leads rally

Twitter records over 1 mn conversations on GST between June 30 and July 2

Twitter recorded over one million conversations on GST between June 30 and July 2 - reflecting the sentiment of the nation on what is being billed as the largest tax reform since Independence. From #GSTIndia to #GSTForCommonMan, people took to Twitter to express their opinions and conversations about Goods and Services Tax (GST). India ushered in the Goods and Services Tax (GST) regime on the intervening night of June 30 and July 1. A four-tier tax slab -- 5, 12, 18 and 28 per cent -- has been decided. People have also been posting pictures on various social media platforms of receipts issued in grocery stores or eateries showing tax deductions as GST, instead of VAT/Service tax earlier. "Conversations around the launch of the GST exemplify Twitter as the best place for people to connect with what's happening in India and around the world and express their opinions," Twitter India Head of Public Policy and Government Mahima Kaul said in a statement. She added that the platfor

GST: 5-member panel to pick anti-profiteering body

The authority will cease to exist two years after its constitution

GST impact: Queues of trucks across 22 states get shorter

22 states abolish commercial tax check posts; remaining states to follow

Complex fertiliser makers to benefit more from lower GST

Deepak Fertilisers, GSFC were among top gainers in the fertiliser space

Telangana CM pitches for GST exemption on textile trade

BS ReporterHyderabad, 3 July: Cloth merchants associations on Monday requested chief minister K Chandrasekhara Rao to persuade the Centre to exempt textiles from the GST since a majority of the poor and middle class families live on this trade. A large delegation representing textile trade bodies, including Telangana Federation of Textiles Associations have met with the chief minister at his camp office.Once enjoyed a complete exemption, textiles trade now attract a 5 percent tax under the GST. The merchants associations representatives said the move will adversely affect the trade.Responding to their request, chief minister Rao said that there should be an exemption for the textiles under the new tax as well. The state government has already urged the Centre to exempt textiles, granite industry, free two bedroom housing scheme introduced for the weaker sections, drinking and irrigation water schemes and beedis from the GST.Rao said the Centre has assured to consider these issues ...

GST: 22 states abolish border check posts within 3 days of rollout

With the abolition of check posts, the long queues often witnessed at state borders will not be seen

GST impact: XIM-B may hike fees for next academic session

Xavier Institute of Management - Bhubaneswar (XIM-B), a premier B-school, may go for hike in fees from the 2018-19 session as a possible impact of the newly introduced indirect tax regime - Goods and Services Tax(GST)." The impact of GST may be on the fees of students, not this year, from next year (2018-19) depending on how much contract renewals will cost. There are multiple service providers and the cost of their charges is most likely to go up after GST", said father Paul Fernandes, director, XIM-B.The landmark GST, one of the sweeping taxation reforms since independence, was rolled out at midnight on July 1 in a special midnight session in the central Hall of Parliament."Certainly from 2018-19 academic year, it will have an impact. Contract renewals are the areas where the major impact probably will come. There might be some percentage of hike in fees", he added."We had announced the fee structure for 2017-18 in September 2016 and we are not going to change it for the current ..

Nitish Kumar trashes media reports of skipping GST function

Chief ministers were not invited, but his party MPs were present on the occasion, says Kumar

'Insensitive' govt must roll back disability tax under GST: Rahul Gandhi

GST on Braille typewriters and wheelchairs have been fixed at rates varying between 5 to 18 per cent

TN govt to take action against those charging rates beyond specified GST

The state FM said action will be taken if extra rates are charged for commodities exempted from GST

GST benefit: Ford India slashes car prices by 4.5%

In Delhi, the price of Figo has been cut by Rs 2,000, that of compact SUV Ecosport by up to Rs 8,000