GST News

GST Council’s Next Aim: To Ensure Tax Reduction Benefits are passed on to Consumers

Posted by Ishtiyaq Nabi on May 22, 2017 03:26:20 pm

# After categorizing almost all goods and commodities into specific tax slabs during the GST Council meeting in Srinagar, the Council is set to take all the strategic actions to ensure that tax reduction benefits are passed on to consumers once the GST comes into force with effect from July 1, 2017. ... Read more>>

Is GST a Blessing for the Vehicle Buyers?

Posted by Sakshi Sharma on May 22, 2017 11:10:45 am

# As the GST is all set to replace the existing taxation system, it is bringing a pleasant news for the automobile industry. After the announcements were made following the two-day GST Council meeting held at Srinagar last week, the vehicle buyers are in for some substantial gain. Under the new tax regime, the highest rate of 28% along with an additional cess would be applicable on most of the vehicles. The cess can range from anywhere... Read more>>

GST Council Seals 18% Tax on Majority of Services

Posted by Sakshi Sharma on May 20, 2017 11:07:45 am

# The GST Council on Friday finalized the rates for various services. As per the final decision, a standard rate of 18% will be levied on most of them. New rates won’t nip the pocket of the common man as the effective tax incidence will subsequently decline, stated the Finance Minister, Arun Jaitley. “These services will now get input tax credit... Net effect of GST on consumers will not be inflationary. The actua... Read more>>

GST Brings Relief to Public: Common Items to fall under Lowest GST Slab

Posted by Sakshi Sharma on May 19, 2017 11:23:25 am

# The general public will be benefitting immensely out of GST. The GST rates were announced yesterday and it was decided that goods for daily consumption will fall under the lowest tax rate slab of GST. Various FMCG firms are all set to welcome GST with open arms. Established companies in the industry, Dabur and Emami, embraced the rates on consumer items but also mentione... Read more>>

Update from 14th GST Council Meeting: Finalisation of tax rates on goods and services

Posted by Ishtiyaq Nabi on May 18, 2017 05:46:45 pm

# GST Council on Thursday finalised tax rates on various goods and services under the standard four-slab structure.  The Council, headed by Finance Minister Arun Jaitley, has decided to keep essential items of daily use in the lowest bracket of 5%, whereas some of the luxury items have been put in the bracket of 28% as well. As the 14th GST Council meeting begins in Srinagar today, the speculations related to finalisatio... Read more>>

GST Council Meet Starts Today!

Posted by Sakshi Sharma on May 18, 2017 10:56:07 am

# Today will be marked as an important day in the history of GST. The Union Finance Minister along with the State Finance Ministers and other dignitaries of 29 states plus three union territories will be present in Srinagar today. The state of Jammu and Kashmir will witness the rise of federal India as the most crucial meeting pertaining to GST is going to be held there. The venue has been very strategically decided and it is being per... Read more>>

GST Bill Passed in the Puducherry Assembly

Posted by Sakshi Sharma on May 17, 2017 04:16:45 pm

# As the red carpet is all set to welcome the new tax regime on July 1st, 2017, Puducherry joins the squad by passing the bill unanimously in their assembly today. The Chief Minister, V Narayanasamy, furnished the proposed bill in front of the assembly. MLAs of the ruling party and opposition parties contemplated for a while and were the part of the discussion. They presented their views and individual opinions pertaining to... Read more>>

Will GST Exemption List Wrap up Within 100 Items?

Posted by Sakshi Sharma on May 17, 2017 11:55:13 am

# Since the introduction of the new tax regime, a lot of news has been going around pertaining to the products which will fall under the exemption list. If the recent speculations are to be believed, then the Centre and states will be keeping the exemption list short and sweet with about 100 products and services. However, they are receiving overwhelming number of requests from various industries to keep their products out of the purvi... Read more>>

GST E-way Bills: A Solution or a Problem?

Posted by Sakshi Sharma on May 16, 2017 11:35:20 am

# The authorities have declared that transportation of goods worth more than INR 50,000, intrastate or interstate, would have to be secured with an e-way bill registration of the consignment through the online portal beforehand. The rule commands the supplier and transporters to upload all the details on the GSTN portal in order to generate an e-way bill. After the successful generation of this bill, a unique e-way bill number would be... Read more>>

One Third of State Taxes to Cease Inclusion from GST

Posted by Sakshi Sharma on May 15, 2017 11:08:44 am

# As GST is in its last step of completion, various states and the Centre are rejoicing the paradigm shift from conventional system of indirect taxation to the new reform of GST. However, one thing which is noteworthy is that they have succeeded in keeping more than one-third of the incomes outside the umbrella of the new regime. As a result of this, consumers are deprived of the benefits of a lower tax levy. A recent study w... Read more>>

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