Page 97 - Gst

Paranoid about security, setting up analytics centre: GSTN CEO

GSTN itself has not yet received security clearance from the Home Ministry

Walmart India launches toll-free GST helpline to enable smooth transition

Walmart India has launched a GST toll-free helpline to enable its kiranas and other reseller members transition smoothly into the new tax regime. The Goods and Services Tax (GST) will roll out from July 1. The exclusive helpline has been set up to address retailers' queries, clarify doubts and explain the nuances of the new tax structure. Walmart India President & CEO Krish Iyer said: "GST is not just a tax reform, it is a whole new way of doing business...At Walmart India, our teams are working diligently to be 100 per cent GST-ready in time and we remain committed to help our partners". Iyer added that GST will positively impact the informal sector and small resellers and kiranas will be able to scale up their businesses significantly. Walmart India has also started a series of workshops for SME supplier partners to help them evaluate their GST compliance levels and prepare for the transition.

Full GST rate list: Here are the tax rates for all goods and services

Foodgrains are slated to cost less from July 1

Want to buy a Mercedes? Luxury carmaker's CEO says GST will make it easier

Inflated tax & duty structure post GST will hinder the utilisation of potential of luxury carmakers

Paint prices to remain stable under GST: IPA

After a 5.5 per cent recent hike, paint prices are expected to remain stable in the ongoing fiscal year under the Goods and Services Tax (GST) regime as the tax impact is neutral on this segment and raw material prices are showing signs of stability.While the Centre has narrowed down on a 28 per cent tax on the paints sector with only the powder coatings segment kept in the 18 per cent tax bracket, the current effective multiple taxes add up to a near 28 per cent.Currently, excise duty accounts for 12.5 per cent with the states charging a VAT ranging from 12.5-14.5 per cent. Additionally, paint companies have to pay an additional 1.67 per cent VAT on the excise duty.The decorative paints segment comprises 70 per cent of the Rs. 40,300 crore paints industry and powder coatings account for only 3-4 per cent of the trade."GST effectively will not change the price at the consumer end although there will be some adjustments on the dealers' end", Abhijit Roy, the newly appointed president .

India yet to tackle profiteering rules as Malaysia dilutes laws

Malaysia introduced the GST in April 2015

Amazon, Flipkart offer discounts to clear stocks ahead of GST roll-out

Some industry insiders say that orders may become normal only by the time Diwali comes around

Industry gets 90 days to claim credit for GST transition stock

However, the draft transition rules for the GST regime is for 60 days

3% GST opens room for cheap import of gold jewellery from FTA countries

3 per cent Godds and Service tax on gold will open window for cheap imports of gold and silver jewellery and articles from Indonesia and South Korea from 1 July. The reason being till now there is 12.5 per cent countervailing duty on import of such jewellery and articles from these countries with whom India has free trade agreements.Since excise duty of 12.5 per cent will be replaced with 3 per cent GST from July, countervailing duty also comes down at 3 per cent and there is no import duty on import from FTA nations or 1 per cent in some cases. So, according to a veteran bullion market source, "instead of normal duty of 15 per cent on import of gold jewellery, 3 per cent is lucrative enough for importers to flood Indian market with cheap jewellery".A year ago in February 2016, government proposed 12.5 per cent excise duty for gold jewellery but jewellers were given input credit benefit maki8ng effective rate of excise at 1 per cent and because of tariff rate of 12.5 per cent excise, .

Cabinet Secretary asks ministries to form GST cell to hear industry

Sinha said GST cell should be managed by a small core team with economic adviser as head

GST to reduce tax evasion cases by simplifying taxation system: NITI CEO

Indirect tax regime to help India achieve 9% growth rate, said Amitabh Kant

Traders, businesses learn the ABC of GST as roll-out deadline nears

Industry bodies are organising nationwide classes to teach people the nitty-gritty of GST

GST: Biscuit makers sour over tax parity

This has raised the chances of a price increase in the glucose category

IT hardware prices to rise at proposed 28% GST rate: Industry

The industry body has said that there is an ambiguity with respect to the rate of GST on printers

Govt fixes GST rates on all items: Impact on sectors and stocks

The GST Council will meet again on June 11 and review the rates based on industry representations

GST: PM Modi satisfied with readiness for July 1 implementation

Nearly sealing the goods and services tax (GST) implementation from July 1, Prime Minister Narendra Modi reviewed the preparedness, asking that high attention be given to cyber security in the enabling information technology (IT) systems. The main problem now is that seven states -- the other 22 have done it -- are yet to pass their respective state GST legislations, with less than a month for the scheduled date of the tax's introduction. These are West Bengal, Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal. All, except J&K, are ruled by opposition parties. J&K also has a different dispensation. Its legislative assembly will have to also pass a Bill stating that both the Central GST and Integrated GST applies there. And, pass its own state GST, like the others.Statutorily, if GST is not introduced by a state as of September 16, it will not be able to impose indirect taxes. The PM took the meeting amid the stiff opposition raised by West ..

GST to put severe pressure on margins of fertiliser companies

With a backlog of nearly Rs 30,000 cr, increase in subsidy burden will block firms' working capital

Drug makers want lower GST on nicotine gums, say 18% impedes health policy

Drug makers want the government to lower the 18 per cent goods and service tax rate on nicotine gum as it contradicts its health policy and makes de-addiction more expensive.As per existing rates nicotine polacrilex (raw material used in gums) is taxed at 5 per cent while gums are taxed at 10.2 per cent. The GST rate on nicotine gums has been fixed at 18 per cent. The increase in rate has upset the industry which has petitioned the government to reconsider its move.With tobacco taxation being at same level as pre GST structure the cost of gum will become dearer which can have an adverse impact on adoption of nicotine replacement therapies thereby affecting the quit rates, say drug makers.De-addiction segment is valued at over Rs 100 crore annually and nicotine polacrilex products constitute around 70 per cent of the segment. Cipla, Rusan Pharma, ITC and others manufacture nicotine gums."Due to an increase in GST rate on products related to nicotine replacement therapy from 10% to ...

High GST on inputs to spoil party for synthetic fabric makers

Exporters await govt's export policy- a move expected to remove anomalies in current GST structure

GST another growth enabler for Titan

A lower-than-expected tax rate leads to a 17% spike in the stock price