GST News

GST Related Issues of Traders to Get Resolved, Assures Union Minister

Posted by Sakshi Sharma on Oct 17, 2017 12:19:39 pm

# Referring to the industrialists in Jammu who threatened to initiate disturbance relating to GST incentives, Union minister Jitendra Singh stated that any entity who’s facing any problem should come forward and must be rest assured that no injustice of any kind would happen in Narendra Modi led government. Minister of State in Prime Minister’s Office said, “Heard people talking about change in the decision over Goods... Read more>>

New in GST: Difference between AC and Non-AC Restaurants Might Be Eliminated

Posted by Sakshi Sharma on Oct 16, 2017 01:01:48 pm

GST Council, the apex indirect tax body of the country, set up a board which passed a decision on Sunday stating that there is a possibility of breaking the wall of discrepancy which exists between air-conditioned and non-air-conditioned restaurants and bringing both of them under the same tax bracket of 12 percent. The panel consisting of five ministers concluded that 18 percent tax levy would be applicable only on those AC restaurants... Read more>>

CBEC Asks to File GSTR-3B before Diwali

Posted by Sakshi Sharma on Oct 14, 2017 12:22:44 pm

On Friday, the government has ruled out any further postponement of the date for filing GSTR-3B. Moreover, it has been clearly stated that the deadline of October 20 is final and would not be extended any further.  In addition to this, it also said that real estate is one of the major areas where malpractices like tax evasion and black money generation take place and in an attempt to curb this, it could be brought under the purv... Read more>>

The Aviation Industry Will Be Slapped by INR 5,700 Crore Every Year, Courtesy GST

Posted by Sakshi Sharma on Oct 13, 2017 12:39:39 pm

The newly-implemented indirect tax regime of India will hit the aviation industry hard. “The airline industry will be hit by ₹5,700 crore per annum and the GST will make the flourishing sector sick. The Indian carriers will become globally uncompetitive as it will give huge benefit to competing airlines, especially from the Gulf,” the Federation of Indian Airlines (FIA) said in their submission to the Finance Ministry. ... Read more>>

Livelihood of Kashmir’s Carpet Traders is hanging by a Thread, All Because of GST

Posted by Sakshi Sharma on Oct 11, 2017 01:05:00 pm

The carpet traders of Kashmir are going through the toughest phase in their professional lives. They are of the opinion that the age-old handicraft and carpet industry is witnessing crisis pertaining to its survival since the implementation of GST. Right from job cuts to the cash crunch, every adversity is being attributed to the newly-launched indirect tax regime of the country. "100 weavers were working with me. Now, there are only... Read more>>

GST Council Will Continue to Rationalise Rates, Says Shiv Pratap Shukla

Posted by Sakshi Sharma on Oct 10, 2017 03:13:02 pm

The Goods and Services Tax in India follows a four-tier structure of 5, 12, 18 and 28 percent. Though a majority of common utility items have been exempted under the new indirect tax regime, certain products are facing an additional cess over and above the tax of 28 percent. Minister of State for Finance Shiv Pratap Shukla has said that the GST Council will continue to rationalise rates and the highest tax ceiling of 28 percent will ... Read more>>

Over 90 Lakh Truckers to Protest against GST, Two-day Nationwide Chakka Jam Begins Today

Posted by Sakshi Sharma on Oct 09, 2017 12:13:32 pm

More than 90 lakh truckers will be joining a nationwide Chakka Jam from Monday onwards. They are going to protest against the issues concerning extortion at RTO barriers and the disruptive impact of the new indirect tax regime. Harish Sabharwal, Additional Vice President (North) of the All India Motor Transport Congress (AIMTC), said that the decision to protest was finalised when the negotiations with the authorities didn’t ma... Read more>>

GST Council Gives Relief to SMEs, Reduces Rates on 27 Items

Posted by Sakshi Sharma on Oct 07, 2017 02:52:34 pm

GST Council on Friday came up with a series of changes in rules in an attempt to offer relief to SMEs and exporters from the hardships of abiding by the newly launched indirect tax regime of the country. Finance Minister Arun Jaitley said that the Council has decided to lower the taxes on 27 products and few services. In addition to this, a panel of state ministers has been asked to examine if at all the tax of 18 percent on air-cond... Read more>>

GST Council Meets Today: Good News for Small Businesses and Exporters is Expected

Posted by Sakshi Sharma on Oct 06, 2017 12:13:31 pm

Friday’s GST Council meet is most likely reserved for rolling out relief measures for SMEs and exporters who have been complaining about the new indirect tax regime. The board of state and Union finance ministers, along with other dignitaries, is expected to relieve the exporters of their agony by permitting electronic payment of taxes by means of virtual currency. This step would be taken in addition to the announcement of numero... Read more>>

Downward Revision of Growth Forecast by RBI, Courtesy GST and Lower Farm Output

Posted by Sakshi Sharma on Oct 05, 2017 12:28:53 pm

The Reserve Bank of India Made sharp adjustments to lower the growth projections to 6.7 percent for the current fiscal in comparison to the earlier estimate of 7.3 percent. The reasons for this can be attributed to the low production of kharif food grain and disturbances caused by the implementation of GST. It clearly stated that the new indirect tax regime has led to certain ambiguities in the manufacturing sector which might possib... Read more>>

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