GST News

GST Rate List Holds No Space for e-Waste

Posted by Sakshi Sharma on Jul 31, 2017 12:40:05 pm

India is a country that ranks among the top five countries of electronic waste generation and produces 1.85 million tonnes of e-waste in a year. With such huge amounts of discarded electronic items, e-waste has not been given a separate category under the new tax regime. In today’s times, India houses approximately 57 million computers and over a billion mobile users along with numerous other consumers of gadgets and consumer elec... Read more>>

Global FMCG majors back GST reform in India

Posted by Ishtiyaq Nabi on Jul 29, 2017 04:36:22 pm

# What might be considered as an accomplishment, India’s GST has found place in quarterly earnings statements of leading global FMCG companies.  Although nearly half a dozen leading FMCG companies have cited GST as the major reason behind their declined quarterly earnings statements, their spokespersons have highlighted the hope that the market in India would soon shower plenty of opportunities once GST is implemented unreserve... Read more>>

New in GST: An Online Petition Asks Govt to Roll Back GST on Kashmir Handicrafts

Posted by Sakshi Sharma on Jul 29, 2017 04:29:03 pm

# Carpet Export Promotion Council (CEPC) along with a leading exporter Sheikh Ashiq have jointly filed an online petition which demands the roll back of GST levied on handicrafts. As per the list issued by the GST Council, handicrafts are being taxed at 12 percent and fall under the category of Integrated Goods and Services Tax (IGST). The online petition reads clearly, “There are no buyers and takers for the finished goods that wea... Read more>>

Govt Asks All TV Broadcasters to Run GST Awareness Campaign Manthan

Posted by Sakshi Sharma on Jul 28, 2017 12:26:16 pm

# The government has been making continuous efforts in order to ensure that the new tax regime unfolds seamlessly and is able to benefit the maximum number of people in the country. One step that is being assigned great importance has to be the awareness campaigns. In a recent attempt to promote GST, The Information and Broadcasting ministry (I&B) has asked all private TV channels to run scrolls relating to the GST awareness campaign Mant... Read more>>

GST impact in India: Smartphone market feels the heat

Posted by Ishtiyaq Nabi on Jul 28, 2017 12:20:07 pm

# As per the leading analysts, the advent of GST has had impactful influence on smartphone shipment in June 2017.  A Singapore-based market research firm, Canalys, has claimed that India’s smartphone industry has faced the wrath of Goods and Services Tax as the smartphone market experienced a 4% fall in April-June quarter. The prime reason behind the situation is customers’ tendency to wait for further clarity pertaini... Read more>>

GST is responsible in paralyzing 25% truck pools in India

Posted by Kavita Deuri on Jul 27, 2017 02:33:59 pm

# After the GST rollout, more than 25% of the truck pool is said to stand still as there are no possible interstate movements of untaxed and under-reported freight, at least for a short period of time. This has typically led down the fall in retail cargo charges, as a result deranging the casual sequence of the transport department and truck-manufacturing businesses. The senior member of the Indian Foundation of Transport Research and ... Read more>>

MSMEs and Small Traders Worried About GST Compliance Issues

Posted by Ishtiyaq Nabi on Jul 27, 2017 10:54:10 am

Some micro, small and medium-sized enterprises and unorganized traders have started teaming up with major players in the industry to ensure utmost compliance in the GST regime. The introduction of GST is actually a major cause of concern for many, and lately small businesses and traders have started expressing their apprehension regarding the new tax regime.  A survey conducted by a renowned consultancy firm, EY, has revealed th... Read more>>

GST Proves Out to be A Difficult Task for the Desi Mithaiwalas

Posted by Sakshi Sharma on Jul 26, 2017 02:22:46 pm

# The new tax regime hasn’t brought sweet news for the sweet makers of the country. Mithaiwalas all around the nation are expressing their apprehensions pertaining to the Goods and Services Tax (GST) that has made taxation on savouries an ordeal for them. Just to give a glimpse of the minefield, plain barfi is attracting the lowest tax of 5 percent while the ones flavoured with chocolate have been kept under the highest bracket of 2... Read more>>

GSTN portal ready for sales and purchase invoice uploading

Posted by Ishtiyaq Nabi on Jul 26, 2017 10:35:59 am

# What might sound as a sound of relief for various GST stakeholders, the Goods and Services Tax Network (GSTN) has started accepting the uploading of all sorts of sales and purchase invoices that businesses have generated post-GST rollout on the 1st of July, 2017.  Businesses can now connect with the GSTN portal so as to upload their invoices on a timely basis. The Goods and Services Tax Network (GSTN) is the company that has bee... Read more>>

Good News for Auto, FMCG and Pharma Companies: A Proposal to Refund CGST on Goods Made in Excise-Free Zones

Posted by Sakshi Sharma on Jul 25, 2017 02:38:46 pm

# A proposal is set to be presented in front of the cabinet that will be catering to the refund of Central Goods and Services Tax (CGST) on goods that were produced in previously excise-free zones in Uttarakhand, Himachal Pradesh, and the North-East. The acceptance of this proposal will surely benefit automotive, FMCG and pharmaceutical companies that have already invested huge sums of money in that area, courtesy the tax break. There ... Read more>>

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