GST News

GST Bill to be tabled in Delhi Assembly Today; Deputy CM Foresees Problems in implementation

Posted by Ishtiyaq Nabi on May 31, 2017 02:57:21 pm

# The GST (Goods and Services) Tax Bill will be tabled in the Delhi Assembly today.  Amidst all the disagreements between the Delhi government and the Central government on various issues, the Deputy Chief Minister of Delhi, Manish Sisodia, made it clear that the Delhi government wholeheartedly supports the Bill as well as the intent surrounding the tax reforms. However, he also added that the Delhi government is concerned about t... Read more>>

GST will create a Lot of Job Opportunities for Young Generation, says Dr. Adhia

Posted by Sakshi Sharma on May 31, 2017 12:24:41 pm

# Dr. Hasmukh Adhia, Revenue Secretary, Ministry of Finance, Government of India said recently that the Government of Karnataka has been making the maximum share of contribution towards GST. Central government is stepping further by each passing day and it has ensured that the new tax reform is implemented on July 01, 2017. Dr. Adhia added to his statement that GST would be extremely helpful in creating ample amount of job opportunitie... Read more>>

160 Companies Aspire to become GST Suvidha Providers

Posted by Ishtiyaq Nabi on May 30, 2017 04:11:58 pm

# In a recent progress towards establishing a robust IT infrastructure for the immaculate implementation of GST in India, 160 companies from various domains have evinced interest to become GST Suvidha Providers (GSPs).  These companies aim at helping the GST Network in managing the overall IT support framework required to ensure successful implementation of the new taxation system. The list of companies that aspire to become GSPs ... Read more>>

GST will Boost India’s Growth, States World Bank

Posted by Sakshi Sharma on May 30, 2017 11:15:17 am

# A recent report issued by the World Bank says that the Indian economy is expected to grow at the rate of 7.2% in the fiscal year 2017-18 and 7.7% in 2019-2020; implementation of GST will be playing a significant role in giving that big push to the overall economic growth and revenues. Junaid Ahmad, World Bank country director in India, said, “Low female labour force participation, however, remains a serious concern. H... Read more>>

GST will help India evolve as a tax-compliant society: Arun Jaitley

Posted by Ishtiyaq Nabi on May 29, 2017 05:58:34 pm

# According to Finance Minister Arun Jaitley, the Goods and Services tax will help India evolve as a tax-compliant society. The minister added that the new indirect taxation regime would also be a great force to check evasions. Speaking at the inauguration of the new campus of the National Academy of Customs, Indirect Taxes and Narcotics (Nacin), Mr. Jaitley said, “It certainly will be a more efficient tax and one of the importan... Read more>>

GST brings mixed news: Smartphones, air travel and taxis to get cheaper while TV, AC to cost more

Posted by Sakshi Sharma on May 29, 2017 11:13:36 am

# As GST is going to come into force from July this year, it is bringing mixed news for various industries. Consumer durables and white goods like AC, washing machines, TV and refrigerators have faced the blow of the new tax regime as they are going to cost more under GST. On the gaining side there are smartphones and small cars along with daily use items. The GST Council had set up tax slabs for more than 1,200 goods and 500 services.... Read more>>

GST Effect: Mercedes slashes down price, more luxury brands to follow the suit

Posted by Ishtiyaq Nabi on May 26, 2017 06:02:34 pm

# Mercedes-Benz India has made an announcement that it will decrease the transactional price of its entire locally assembled model range by 4%. Price reduction will vary as per jurisdictional boundaries of states between 2% to 9%. Another luxury brand Jaguar-Land Rover has announced that it would reduce the price of three of its models. Luxury carmakers have welcomed GST in India with utm... Read more>>

Companies Leaving Serious Security Loopholes Amidst the Hustle to get GST Ready

Posted by Sakshi Sharma on May 26, 2017 12:12:37 pm

# With the rollout of GST around the corner, companies are thriving to meet the deadlines. Amidst this rush, various companies are leaving a lot of security loopholes which can expose them to high levels of risk in the future. It hasn’t been long since the major ransomware attack happened and affected more than 300,000 computer systems globally. The Leader-Cyber Security at PwC India, Sivarama Krishnan, said,” Everyone is n... Read more>>

GST Implementation: How Expense Ratio of Fund Houses would be influenced

Posted by Ishtiyaq Nabi on May 25, 2017 04:50:05 pm

# The implementation of GST with effect from July 1st will pave way for 3% increase in service tax most likely, and it is speculated that the expense ratio of mutual fund houses across India will also go up by 3%.  However, GST will ensure strategic benefits for small MF distributors which fall under the criteria of GST exemption. Expense ratio is the measure of the cost incurred by any investment company to operate its overall mu... Read more>>

GST Council Stern for Rolling Out GST on the Decided Date

Posted by Sakshi Sharma on May 25, 2017 11:19:18 am

# Since the time the new tax regime has been introduced, there have been multiple speculations pertaining to its deadline. Some people are taking it blithely and are of the opinion that at the end the dates will get postponed. However, the officials have a different take on it. The CEO of GST Network, Prakash Kumar, mentioned that the government in no way is bearing in mind to extend the rollout date for GST. ... Read more>>

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