GST News

GST Brings Good News for Housewives: Grocery Expenses Aren’t Bound to Increase Post-GST Implementation

Posted by Sakshi Sharma on Jun 30, 2017 11:10:02 am

# The new tax regime brings some amazing news for all the homemakers present in the country. Most of the people were concerned regarding the impact of GST on their household budget, but the news is out that the grocery expenses won’t skyrocket post-GST implementation. The prices for the majority of the grocery, household and personal care items will remain unaffected for at least eight weeks after GST rollout. This will happen becau... Read more>>

Ready-mades likely to Get Expensive Under GST

Posted by Sakshi Sharma on Jun 29, 2017 12:13:26 pm

# GST has definitely brought relief for many industries, but it has raised concerns for others. There is a not-so-pleasing news for customers of sarees and personal care items as these articles will likely get expensive under the new tax regime. If one happens to look at the proposed tax rates, then 5 percent GST is being taxed on apparels under the slab of INR 1,000. Any garment and clothing item beyond a thousand rupees will be charged ... Read more>>

How GST would influence the price of household items

Posted by Ishtiyaq Nabi on Jun 28, 2017 06:29:54 pm

# The Goods and Services Tax (GST) is going to roll out on July 1, 2017. This new tax regime is going to impact multiple sectors in different ways. However, it is bringing some good news for the several household commodities. GST will make certain domestic goods like soap cheaper than what they are in the current scenario. In addition to this, the finance minister, Arun Jaitley, on Tuesday stated that the small business with an annual tur... Read more>>

The Ultimate Objective is to Bring Single-Rate GST, Says Centre

Posted by Sakshi Sharma on Jun 28, 2017 04:02:21 pm

# The Revenue Secretary, Hasmukh Adhia, stated clearly that the ultimate objective of the government should be to introduce a single or dual rate tax regime for all the goods and services. "Ideally like all other advanced countries, we should have got one GST which is levied by one government only, and not a dual GST and also a GST in which there is a uniform rate. In our country, where there are different stratas of society to ... Read more>>

New Under GST: Traders Demand Ombudsman to Seek Redressal for GST Grievances

Posted by Sakshi Sharma on Jun 27, 2017 12:07:48 pm

# A lot has been going on pertaining to the grievance redressal under the new tax regime. The traders’ body CAIT demanded an ‘impartial authority’ like an ombudsman to whom the businessmen could rely on while giving voice to their complaints. The association is of the opinion that an unbiased body is vital to whom the aggrieved party can turn to seek redressal under GST.   The Secretary General of Confederation o... Read more>>

The Biggest Tax Transformation in India goes Live on July 1st: Says the Finance Minister

Posted by Shiva Gaur on Jun 26, 2017 02:33:54 pm

# An unprepared and uncertain change is going to take place in India on the very first day of July. GST, the new indirect-tax regime is assumed to bring the biggest change by enhancing the economic growth and development of our country. Narendra Modi with the central government intends to have a Parliament session to announce the biggest taxation change in India’s history on 1st of July. The scale of changes due to the implementa... Read more>>

Impact of GST: Services Likely to get Costlier Under the New Tax Regime

Posted by Sakshi Sharma on Jun 23, 2017 12:26:54 pm

# It has been a while since when service providers have started sending emails to their customers stating a warning that as a result of the new tax regime, prices will be going up with effect from July 1. The revenue department is worried and dubious about this and has secured a tight bond with other ministries in order to influence the industries to adjust the input tax credit against the hike in tax liability. The banking industry is... Read more>>

Businesses will reduce Supplies before GST Implementation

Posted by Sakshi Sharma on Jun 22, 2017 12:14:21 pm

# As no one exactly knows how the new tax regime might affect their operations, businesses are resorting to reducing the stock held by them ahead of transition to GST. Many companies have stopped taking fresh orders. This step has been taken so as to ensure that the company is able to clear all of the pending orders in the coming day or two while reserving some time to update the systems in order to accommodate the transition to GST which... Read more>>

GST may not Impact Stock of Necessary Medicines and Drugs

Posted by Sakshi Sharma on Jun 21, 2017 05:43:00 pm

# The Central Government of India has made its intention clear to implement GST in the country on the first day of July 2017.  This has certainly become worrisome news for all the chemists across the country as various surveys have confirmed that a majority of them are not clear about how to prepare for the radical taxation reform.  As most of the chemists in the country are yet to initiate the GST implementation process, it ind... Read more>>

Companies to Face Ban if they refuse to pass on Gains from GST to Consumers

Posted by Sakshi Sharma on Jun 21, 2017 11:43:59 am

# As the launch of GST is coming nearby, the government is leaving no stone unturned in order to ensure that the consumers aren’t deceived. There are going to be a host of companies who will be benefitting immensely from GST. If such companies do not pass on the gains to consumers, then the government has threatened to cancel their registrations. The punishment won’t be restricted to the cancellation of registration as the che... Read more>>

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