28 02, 2017

GST : India can grow at higher rate; job creation plans underway : Jaitley

By | 2017-02-28T11:12:47+00:00 February 28th, 2017|GST News|

India has potential to grow faster and plans are underway to reduce poverty and create jobs in rural areas, Finance Minister Arun Jaitley said today, even as he ruled out the country becoming totally ‘cashless’ immediately. “One of the reasons for note ban was tax non-compliant. One of the objectives of the demonetisation was to [...]

28 02, 2017

As GST approaches, CBEC looks at restructuring itself

By | 2017-02-28T11:02:04+00:00 February 28th, 2017|GST News|

Amid staff concerns over redundancy in the post-goods and services tax (GST) regime from the coming financial year, the Central Board of Excise and Customs (CBEC) is identifying new areas of work in international customs, risk assessment, post-clearance audits and taxpayer services, among others, to remain relevant. With limited administrative role under GST, the indirect [...]

28 02, 2017

GAIL wants natural gas to be brought under ambit of GST

By | 2017-02-28T10:54:27+00:00 February 28th, 2017|GST News|

Gas Authority of India Limited wants natural gas to be brought under the ambit of goods and services tax (GST) as this will provide a boost to the government's intent to increase the contribution of gas in the country's energy mix to 15 per cent in another five years. "The natural gas sector has not been [...]

28 02, 2017

Kerala achieved maximum registrations (60%) under GST

By | 2017-02-28T10:43:43+00:00 February 28th, 2017|GST News|

Kerala has achieved the maximum number of registrations under the Goods and Services Tax (GST) regime with at least 60 per cent of an estimated 2.5 lakh traders migrating to the new platform. Its record becomes even more significant considering the fact that these registrations are complete in all respects, including the crucial provision of [...]

27 02, 2017

GST : Footwear makers seek to step into their own shoes

By | 2017-02-27T11:39:44+00:00 February 27th, 2017|GST News|

As the country looks forward to the rollout of the Goods and Services Tax (GST), which is now likely on July 1, speculations are rife in every industry. One such industry is that of footwear. As a significant part of the fashion industry, it is hoping for GST to play a role in the ironing out [...]

27 02, 2017

IRS officers seek PM Modi’s intervention for smooth roll-out of GST

By | 2017-04-06T10:48:29+00:00 February 27th, 2017|GST News|

An association representing indirect tax officers has sought Prime Minister Narendra Modi's intervention to reverse certain decisions taken by the Goods and Services Tax (GST) Council. In a memorandum submitted to the Prime Minister's Office (PMO), the officers' body has also highlighted the serious security and financial concerns raised by the Comptroller and Auditor General [...]

27 02, 2017

GST tax structure ready; how will it impact economy and various sectors

By | 2017-04-06T10:48:29+00:00 February 27th, 2017|GST News|

The passage of the Constitutional Amendment Bill on GST has paved the way for introduction of GST in India, likely in H1FY18. The need for GST has been felt because under the current indirect tax structure 1) tax barriers have fragmented the Indian market, 2) cascading effects of taxes on cost have made indigenous manufacture [...]

25 02, 2017

Lower tax rates possible when all pays dues: Goyal

By | 2017-04-06T10:48:29+00:00 February 25th, 2017|GST News|

The government can lower tax rates if people pay their dues sincerely, Union Power Minister Piyush Goyal said. We can lower tax rates of GST, income tax and others if everybody pays taxes,” Goyal said while addressing businesses at the ‘EY Entrepreneur of the Year Awards’ here. On the demand of businesses to lower tax [...]

25 02, 2017

GST represents one tax, one market, one India: CEA Arvind Subramanian

By | 2017-04-06T10:48:33+00:00 February 25th, 2017|GST News|

A few months ahead of the incorporation of the much-awaited Goods and Services Tax (GST), Chief Economic Advisor Arvind Subramanian revealed that internal trade has drastically improved; this being a boon to the country’s progress in the wake of GST. Addressing a session at the Indian Institute of Management (IIM) in Ahmedabad yesterday, Subramanian presented [...]

25 02, 2017

Tally launches online forum on GST

By | 2017-04-06T10:48:33+00:00 February 25th, 2017|GST News|

Tally Solutions Private Limited, announced the launch of an online forum dedicated to Chartered accountants in the country. The portal will host threads of discussion on the fundamentals of GST, its implications on different stakeholders and opinions shared by eminent CAs in the form of articles and interviews. Tax practitioners and business people will be [...]