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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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IANS 04 July 2017
"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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IANS 04 July 2017
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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IANS 29 June 2017
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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IANS 29 June 2017
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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IANS 27 June 2017
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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Raj Pradhan 23 June 2017
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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IANS 20 June 2017
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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IANS 19 June 2017
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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Nidhi Bothra 13 June 2017
Related party transactions always follow the presumption of not being at arm’s length and therefore tax provisions prescribe that such transactions should be undertaken at market value and be based on usual commercial terms, as if done with a third party. Transactions with related parties are...

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Rohit Parakh (IANS) 13 June 2017
Tax incentives allowed 15,080 profit-making companies to have effective tax rates of zero, and in some cases less than zero, in 2015-16, according to an IndiaSpend analysis of the latest available national tax data or, more specifically, a government analysis called the Revenue Impact of Tax...

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Moneylife Digital Team 12 June 2017
In the wake of the implementation of GST (Goods and Services Tax) from 1 July 2017, the preparedness at the level of small businesses is a major challenge. The proposed GST taxation system is entirely based on technology where not even a single paper will be used. The basic fundamentals of...

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IANS 10 June 2017
With three weeks to go before the country moves to big bang tax reform, Goods and Services Tax (GST) Suvidha Providers -- key links between taxpayers and the government -- say the IT systems for a July 1 roll-out are not ready.   "All the rules are yet to be notified. Only after the...

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IANS 07 June 2017
India on Tuesday amended its income lax law to exempt genuine equity investments through initial public offerings (IPOs), bonus or rights issues by a listed company from long-term capital gains tax even if no securities transaction tax (STT) was paid.   The amendment provides that...

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IANS 01 June 2017
Seeking to set at rest all doubts, Finance Minister Arun Jaitley on Thursday said the government is in a state of preparedness for the roll-out of the Goods and Services Tax (GST) from July 1 and asked the industry to fall in line as there will be no change in the date of implementation of...

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Moneylife Digital Team 29 May 2017
There is growing discontent, especially among the trading community, over the classifications under the goods and service tax (GST). Items, which were in the lower category under value added tax (VAT) are now being categorised in higher tax slabs under GST, says a traders' body.   In...

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