Page 96 - Gst

Firms to forfeit profiteered amount under GST

Companies held to be guilty of 'profiteering' under the goods and services tax (GST) regime could be asked to forfeit the amount in question, which could be deposited with a consumer welfare fund to be created for the purpose, say officials. The contours of a monitoring body are expected to be taken up during the 16th GST Council meeting on Sunday. The new tax is to take effect from July 1."The law provides that a supplier pass on to consumers the benefit of lower prices on account of reduction in tax incidence," explained an official. Any profiteering will be decided on a product basis, not earnings at an entity level. So, if a company is into four product lines and having losses but profiteering on one of its products, it will be held liable. Currently, there is no provision under indirect tax laws to penalise those not passing on tax-related benefits to consumers. The GST legislation says doing so is mandatory.The anti-profiteering panel will be set up by the GST Council, ...

NPPA bars price revision of non-scheduled drugs post GST

Other drug prices can't be hiked more than 10% within 12 months

Tirupur textile hub says 18% rate too high

The textile hub of Tirupur in Tamil Nadu is worried about the 18 per cent Goods and Services Tax (GST) for different segments in the production chain. It says this will put pressure on working capital of job work units and that 20-30 per cent of these might have to close down. The Tirupur textile industry does business worth at least ~50,000 crore every year, export and domestic. And, employes over a million people. Raja M Shanmugham, president, Tirupur Exporters Association, says at least 80 per cent of units in Tirupur are dependent on job work on the multiple stages of garment manufacture. The 18 per cent rate would now be applicable at each of these stages."The worry is the fate of the hundreds of micro and small units which were never under any tax purview so far," says T R Vijaya Kumar, managing director, CBC Fashions (Asia).South India Hosiery Manufacturers Association president A C Eswaran added that an 18 per cent rate would affect the hosiery sector badly, as most of the ...

GST Council forms 18 groups to sort IT, telecom, banking industry worries

Other sectors include export, textiles, gems and jewellery, food processing, e-commerce, oil and gas

GST will be game changer for Indian economy, says Rajnath Singh

He said that India's economy is grew faster even that of China under the NDA government

GST: A big government tax

Some countries with GST/VAT have complicated tax codes with four or more rates

States should follow Odisha's move to abolish check gates for GST: Adhia

Odisha's model to abolish inter-state check gates should be replicated by other states for smooth implementation of the GST (Goods and Services Tax), said Hasmukh Adhia Revenue secretary of the Union finance ministry." I would like to compliment the state of Odisha for having taken a very courageous action of removing all kind of state borders from April 1. It requires a lot of reformist mind to do it. I am sure all the states will take a cue from Odisha's action where they have abolished all check post", said Adhia. He was speaking at a town hall meeting organized by Central Excise, Customs & Service Tax, Bhubaneswar jointly with the commercial tax organization of the Odisha government.He pointed out that that trucks carrying goods from one part of the country to the other spent about 35 per cent of their idle time at the border check post waiting for the documents to be cleared.The Odisha government had established as many as 22 check gates under Odisha Sales Tax Act, 1947. ...

GST Council to meet on June 11 to review rates, amend rules

The auto industry has been demanding a review of the GST rate on mid and large-sized hybrid cars

Worried to prepare tax returns under GST? ClearTax launches software for easy filing

Online tax filing portal ClearTax today launched a software which will help dealers and retailers in preparation of tax returns under the Goods and Services Tax (GST) regime. The ClearTax GST software prevents mismatches and has separate versions for CAs and Enterprises -- GST Pro and GST Biz. It reinforces ClearTax's commitment to simplify indirect taxes after taking a lead in simplifying direct taxes, ClearTax said in a statement. "We spoke with a vast range of enterprises and small businesses about their needs. We want to bring the same ease to filing for indirect taxes and help businesses become GST compliant," ClearTax Founder & CEO Archit Gupta said. The GST Biz software is aimed at businesses who want to become GST compliant and allows real-time data visibility, customised reporting and tracking between businesses. The GST Pro is being launched for chartered accountants and tax professionals who can use it for GST compliance and GST return filing for their ...

GST roll-out: Govt constitutes 18 sectoral groups for smooth transition to new tax regime

Decision was made during the 14th GST meet in Srinagar in May

GST: Shadow over solar power

Sector could see issue around debt financing, refinancing, financial closure due to changes

GST blow for solar power to soften

Revenue secretary Adhia says solar panels to attract 5% rate, not 18%

GST: Cheer for power sector; capital goods awaits final rates

Coal has been placed under 5% slab, capital goods will be under the 18% slab

GST: Higher rates on biodiesel may hurt Modi's clean energy plans

Industry players contend the 18% tax under the new regime will make the green fuel uncompetitive

GST: Pradhan says will ask FinMin to address issues of oil & gas players

As per industry estimates, overall GST impact on sector will be to tune of Rs 25,000 cr

GST impact: Gold importers, exporters to face many operational issues

Importing agency will have to pay 3% IGST on gold brought into the country

GST to have positive impact on gold industry: WGC

WGC said the gold supply chain will become more transparent and efficient

Need more time to prepare for GST rollout, says manufacturers' body

Industry urges govt to postpone implementation of new tax to October 1

Fadnavis supports film industry's demand for low GST: Producers Guild

Guild took up the film industry's concerns on GST and other issues during a meeting with Naidu

Bodhtree Consulting partners with Infosys to provide GST solution

Bodhtree also announced its strategic relationship with Stratfit Technologies Pvt Ltd