30 12, 2016

GST have potential to transform economy : RBI

By | 2017-04-06T10:48:40+00:00 December 30th, 2016|GST News|

The Reserve Bank of India (RBI) on Thursday asked banks to provide additional working capital limit to medium, small and micro enterprises (MSMEs) to deal with cash crunch following the Narendra Modi-led central government’s November 8 decision to demonetise high-value currency notes. The central bank also said that demonetisation, besides the goods and services tax [...]

27 12, 2016

15-day slot given for AP dealers to register under GST

By | 2016-12-27T10:28:49+00:00 December 27th, 2016|GST News|

Around two lakh dealers in the State and about 28,000 in Visakhapatnam city have to get their provisional registration under the Goods and Services Tax Act, done by January 15. The Central government has allotted a 15-day time slot period beginning January 1 to Andhra Pradesh, and all the dealers have to visit the site [...]

26 12, 2016

Demonetisation, GST sops worry weigh on smartphone makers

By | 2016-12-26T11:07:10+00:00 December 26th, 2016|GST News|

Demonetisation and uncertainty over the continuation of incentives for local production under goods and services tax are turning out to be a double whammy for smartphone makers, forcing them to slow down capacity expansion and pushing those considering fresh investment to the ringside. The worry is primarily over the tax incentives that enticed them to [...]

25 12, 2016

Seventh GST council meeting held, Centre and states agree on compensation Law

By | 2016-12-26T13:58:06+00:00 December 25th, 2016|GST News|

The seventh GST Council meet saw the Centre and the states agree on the compensation law detailing that the Centre will absorb any spillover of revenue losses accruing on account of the adoption of the new indirect tax regime. But hurdles in the implementation of the Goods and Services Tax are far from over. Inter-state [...]

24 12, 2016

Centre, states move to next step to rollout GST

By | 2017-04-06T10:48:40+00:00 December 24th, 2016|GST News|

Centre and states on Friday came within a step of reaching the consensus required to roll out the goods and services tax (GST). The second day of the GST council meeting, chaired by finance minister Arun Jaitley, saw both sides agree to a compensation formula wherein the centre expressed its willingness to absorb any revenue [...]

23 12, 2016

Most of the draft model Bill approves by GST Council

By | 2016-12-23T11:27:30+00:00 December 23rd, 2016|GST News|

The Goods and Services Tax (GST) Council, comprising the Union finance minister and state representatives, mainly their finance ministers, cleared most of the draft model GST Bill on Thursday. This leaves mainly the contentious issue of administrative turf between the Centre and states for Friday. Some state finance ministers did not rule out the Centre [...]

22 12, 2016

GST Council two day meeting starts today to consider model GST Law

By | 2016-12-22T10:39:11+00:00 December 22nd, 2016|GST News|

GST council two days meeting will begin today to consider the model GST laws and iron out differences on the vexed issue of jurisdiction over assessees in the new indirect tax regime. This will be the seventh meeting of the Council, which is headed by Union Finance Minister Arun Jaitley and has state ministers as members. [...]

21 12, 2016

FMCG Companies keeps faith in GST after Demonetisation

By | 2017-04-06T10:48:40+00:00 December 21st, 2016|GST News|

The fast-moving consumer goods (FMCG) companies hopes that the back of a good monsoon and the Seventh Pay Panel award came partially unstuck after the government's sudden move to pull back currency notes upset the applecart towards the end of 2016. Two years of slow growth meant the companies had been gearing up to turn [...]

20 12, 2016

Additional Tax burden upto Rs. 15000 crore may bear on India’s Airlines under GST

By | 2017-04-06T10:48:40+00:00 December 20th, 2016|GST News|

India's Airlines industry may have to bear an additional tax burden of up to Rs 15,000 crore annually once the Goods and Services Tax (GST) is implemented, top industry executives have told the finance ministry. Under the current indirect tax regime, the industry has to pay only about Rs 3,600 crore every year, according to [...]

19 12, 2016

GST enrolment deadline extended

By | 2017-04-07T13:28:14+00:00 December 19th, 2016|GST News|

The sales tax department of the Jharkhand government has given the state's businessmen, whose gross turnover is less than Rs 20 lakh, an extended time for registering an exemptions certificate under the goods and services tax (GST). HSN Codes of all Commodities - CLICK HERE  Possible GST, IGST, CGST & IGST Rates of all Commodities - [...]