TAXATION


The rollout of the Goods and Services Tax (GST) has not been glitch-free and has thrown up issues on various fronts, including entertainment tax, textile and MSME sectors, CBEC Chairperson Vanaja Sarna said on Wednesday.   Sarna added that the issues will, however, get ironed out over...

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The government on Tuesday said that room tariff below Rs 7,500 per day will attract 18 per cent GST, irrespective of the star rating of the hotel.   "Reports have been received expressing doubts whether five-star hotels are liable to pay GST at the rate of 28 per cent irrespective of...

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The GST Council on Monday raised the compensation cess rates on cigarettes in view of the reduction in tax on the demerit good under the new indirect tax regime. This will rake in an additional revenue of Rs 5,000 crore for the exchequer.   "In the first 15 days of GST implementation,...

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Moneylife Digital Team 12 July 2017
The Goods and Services Tax (GST) has finally become a reality and is touted as the one of the biggest tax reforms in India. However, there is urgent need to safeguard the interest of buyers rather than just framing guidelines for developers, especially on the mechanism for input tax...

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Traders with Provisional Identity for Registration (PID) under the Goods and Services Tax (GST) system should submit the required documents by September 22 to get certificates of registration, the Finance Ministry said on Saturday.   "Persons who have PID may submit the required...

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The Confederation of All India Traders (CAIT) on Friday urged the government to form a Goods and Services Tax (GST) Coordination Committee at the district level, comprising senior officials and representatives of trade to facilitate smaller traders.   According to the traders'...

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Abhirup Ghosh 06 July 2017
One of the major highlights of the Budget 2017 was the introduction of section 269ST of the Income Tax Act, 1961. The section was introduced with an intention to curb black money by reducing the scope of large ticket size cash transactions in the economy. As per the provisions of the section,...

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Moneylife Digital Team 05 July 2017
The Indian government has announced goods and services tax (GST)-related rules for maximum retail price (MRP). While companies can continue to use old packaging material till 30 September 2017, the rule requires manufacturers to affix stickers showing the new MRP too. For products where the...

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"With the roll-out of the GST, 22 states in India have abolished their check posts," a Finance Ministry release here said. Among these are Andhra Pradesh, Bihar, Gujarat, Karnataka, Madhya Pradesh, Maharashtra and West Bengal.   States where border check posts are in the process of...

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Pre-GST discounts and a pick-up in rural demand buoyed automobile demand for June, as companies came out with broadly positive sales figures.   "The broadly positive sales numbers were backed up by pre-GST discounts and pick-up in rural demand due to prediction of a healthy monsoon...

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Moneylife Digital Team 03 July 2017
As the historic goods and service tax (GST) was rolled out at midnight on 30th June, dining out became more expensive in many parts of India depending on the value added tax (VAT) charged by the state. For example, the pre-GST tax rate on a Domino’s pizza in Mumbai was 20.5% and about 10.9%...

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Meghna Mittal (IANS) 29 June 2017
With the biggest tax reform set to receive a red carpet welcome in Parliament's Central Hall when the clock strikes midnight on June 30, the Goods and Services Tax will irreversibly impact consumers, traders, businesses as well as the revenue collection machines of the states and the...

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The significance of Saturday's roll out of the GST can be understood from its launch at a midnight session of Parliament, in a repeat of the joint midnight sitting of both Houses to ring in India's Independence on August 15, 1947.   The idea of a pan-India Goods and Services Tax (GST)...

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After more than a decade-long journey, the biggest indirect tax reform since Independence -- GST -- is finally set for a midnight launch on Friday in Parliament's Central Hall in the presence of President Pranab Mukherjee, Prime Minister Narendra Modi, Vice President Hamid Ansari, Members of...

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New Delhi, The Confederation of All India Traders (CAIT) on Monday called for a nine-month "trial period" of the landmark taxation reform Goods and Services Tax (GST).   According to CAIT Secretary General Praveen Khandelwal, if accepted then the nine month period from July 1, 2017 to...

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The Finance Act, 2017 has introduced several changes including steps taken to ensure that taxpayers do not benefit from loopholes to evade tax. There are legal avenues for saving taxes and financial instruments which can give tax-free returns. But the taxable investment options cannot be...

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Porisma P Gogoi (IANS) 22 June 2017
With less than 10 days to go for the biggest indirect tax reform to take effect, retailers are rushing to clear their stocks by offering huge discounts ranging from around 30 per cent to 60 per cent.   Retailers said the "clearance sale" was being undertaken to liquidate their old...

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The new indirect tax regime -- The Goods and Services Tax (GST) -- will be launched at the midnight of June 30 in the Central Hall of Parliament in an hour-long event that will evoke memories of the "Tryst with Destiny" moment of 1947.   President Pranab Mukherjee, Vice President...

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Moneylife Digital Team 19 June 2017
The Indian government has postponed until September the need to file returns under the goods and services tax (GST) and allowed tax payments to be based on a simple return (Form GSTR-3B) containing the summary of outward and inward supplies, which is to be submitted before 20th of the...

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The GST Council on Sunday unanimously agreed on a July 1 rollout of the Goods and Services Tax regime despite some pending issues, while relaxing the return filing deadline for the first two months, and approved the rules on anti-profiteering to protect consumers.   While Union...

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