GST News

GST Registration to Reopen On June 1st, 2017

Posted by Ishtiyaq Nabi on May 12, 2017 03:44:13 pm

# As numerous business entities are yet to enroll for the Goods and Services Tax (GST) regime, the central government has now decided that the GSTN portal for registration would reopen on June 1st, 2017. The revenue department on Thursday said that as of now, 60.5 lakhs of business entities out of 84 lakhs have already registered themselves with the GSTN system, and all the remaining businesses would be able to complete their... Read more>>

Are the Centre and States Settling at 4% GST on Bullion?

Posted by Sakshi Sharma on May 12, 2017 11:24:19 am

# There are speculations that the Centre and states might settle down at 4% GST on gold and silver. In addition to this, they may also opt for a special rate for the various financial services. Another aspect, which is being debated upon at the moment, is pertaining to the inclusion of handloom, handicrafts and bidis under the same tax net. On the deliberation relating to bidis, one end is of the opinion that bidis—which are curr... Read more>>

GST Council to Decide Tax Rates for Commodities on May 18

Posted by Ishtiyaq Nabi on May 11, 2017 05:13:57 pm

# M Vinod Kumar, Chief Commissioner of Central Excise, said that the Goods and Services Tax Council will most probably come up with the decision on applicable rates for commodities on May 18. Mr. Kumar believes that the long wait for GST rates would finally get over when the members of the Council will meet on May 18 in Srinagar.  Mr. Kumar said this while addressing ... Read more>>

Drumbeats for GST rollout: A Treasure Trove for Accounting Companies

Posted by Sakshi Sharma on May 11, 2017 12:13:36 pm

# GST is all set to rollout in less than seven weeks now. As this tax reform is slowly coming into existence, it has already become a golden goose for many businesses. The countdown for GST implementation has already begun and the Indian companies are rushing to recruit experts, who hold immense knowledge, to assist them in preparing the business according to the set guidelines. This has given immense opportunity to the international a... Read more>>

Workshop on GST for Uttar Pradesh Legislators

Posted by Ishtiyaq Nabi on May 10, 2017 03:55:44 pm

# As per the direction of Speaker Hriday Narayan Dixit, a workshop on GST (Goods and Services Tax) will be organized at Lok Bhawan on May 15 for all the members of Uttar Pradesh Assembly and the Legislative Council. The Speaker’s office issued an official statement, which clearly states that the MLAs and MLCs will be provided with comprehensive range of adequate information on GST.  It said, “MLAs and MLCs of all polit... Read more>>

Good News: Maharashtra Cabinet Okays SGST Bill

Posted by Sakshi Sharma on May 10, 2017 11:08:23 am

# There have been news of disruption in the state of Maharashtra relating to GST. The Shiv Sena, the leading force behind BMC, was earlier against the implementation of GST. The reasons for their apprehensions were the inclusion of octroi, one of the biggest sources of income generation for the municipal corporation, in the GST. The good news is that the state cabinet approved SGST (State Goods and Services Tax) bill on Tuesday, 9th Ma... Read more>>

Goa Assembly Passes the State GST Bill

Posted by Ishtiyaq Nabi on May 09, 2017 03:59:23 pm

# As the last date for GST implementation in India closes in, various states have started taking crucial actions to ensure smooth implementation.  Numerous states in India have already passed the state Goods and Services Tax (GST) Bill, and Goa joined that club today. Chief Minister Manohar Parrikar expressed his hope that the state would not face any sort of major losses once the new tax regime gets implemented.  Addressing ... Read more>>

Government to Sync Trade Policy with GST: Nirmala Sitharaman

Posted by Ishtiyaq Nabi on May 09, 2017 02:26:38 pm

# Commerce and industry minister Nirmala Sitharaman pointed out on Saturday that a committee set by her ministry will take up the concerns of exporters which relate to an expected increase in fund requirement once the GST regime takes over with the GST Council.  She promised to rework the Foreign Trade Policy so as to bring it in sync with the GST Act. The minister had consultatio... Read more>>

Anticipated Disruption in Supply Chain Post GST Implementation

Posted by Ishtiyaq Nabi on May 09, 2017 02:21:58 pm

# With India on the verge of its biggest tax reform in the form of GST, various wholesalers and distributors across various sectors are pondering to de-stock their existing products so that they can avoid inevitable losses on tax credit. It is tipped that product-wise GST slabs will be finalized and unveiled for the business entities by the end of June. Traders have started reducing stock-in-trade as concerns still persist over the potent... Read more>>

Hasmukh Adhia Hopes GST will make Domestic Companies more Competitive

Posted by Ishtiyaq Nabi on May 08, 2017 12:29:31 pm

# Vadodara: Revenue Secretary Hasmukh Adhia is hopeful that once the GST is rolled out, it would help all the domestic firms become much more competitive.  Adhia added that he also hopes that transition into GST regime would be smooth, and it will streamline the overall taxation for all business activities. Speaking at a conference on GST, organised by the FGI (Federation of Gujarat Industries), Adhia said, “Unlike... Read more>>

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