GST News

Government Might Reduce GST on White Goods

Posted by Sakshi Sharma on Nov 29, 2017 12:06:48 pm

# As a part of the next round of rationalisation, the government is contemplating to cut GST tax on consumer durables. Currently, a rate of 28 percent is being levied on them. This move will help in increasing the demand in the sector as there were numerous criticisms of a slowdown. Also, this step will be targeted towards women and it will help in reducing their overall burden. "All consumer durables, if taxed uniformly at 18%, would ... Read more>>

Price Labels on Existing Stocks Should Be Indicative of the GST Cut: Government Instructs FMCGs

Posted by Sakshi Sharma on Nov 24, 2017 12:19:46 pm

The government has given clear instructions to consumer goods companies that new price labels on existing stocks should clearly display the price difference which is caused as a result of the recent reduction in GST. The metrology department which supervises the issues pertaining to measurement and labelling has told companies to incorporate the changes. "Permission is granted under the legal metrology rules to affix an additional stick... Read more>>

NRAI to Most Likely Meet the Government Regarding GST Rate Cut

Posted by Sakshi Sharma on Nov 23, 2017 05:31:26 pm

The National Restaurant Association of India (NRAI) will be meeting the government within the next two days in order to discuss the rate cut in GST. NRAI includes the premier fast-food chains of the country as its members. The main intention behind the meeting would be to discuss the benefits of lower GST rates to the end customers. Recently, the government had declared that a tax of 5 percent will be charged on both the AC and non-A... Read more>>

Government May Merge 12% and 18% GST Slabs, Says Chief Economic Adviser

Posted by Sakshi Sharma on Nov 22, 2017 05:28:52 pm

The government might end up combining the GST rate of 12 and 18 percent while reserving the 28 percent tax slab for demerit goods, said the chief economic adviser Arvind Subramanian. Though India might never have a single GST rate, with the flow of time there would be a “poor man’s” rate (0 percent to 5 percent), a “core” rate (combination of 12 percent and 18 percent) and the demerit rate (28 percent), ... Read more>>

CBEC Commands Consumer Goods Companies to Adjust MRP According to GST Rate Revision

Posted by Sakshi Sharma on Nov 21, 2017 11:28:22 am

The Chairperson of the Central Board of Excise and Customs (CBEC) Vanaja Sarna has asked the Fast Moving Consumer Goods (FMCG) companies to revise the maximum retail price (MRP) with immediate effect in order to accommodate the latest reductions being made in GST rates. The GST Council had decided to reduce the rates on 178 items to 18 percent from the previous rate of 28 percent. This change was supposed to become effective since No... Read more>>

Take Quick Action on GST Rate Cut or Face Serious Action, Says the Finance Secretary

Posted by Sakshi Sharma on Nov 20, 2017 11:58:53 am

Companies might have to face certain serious implications if their retailers fail to immediately cut the prices of the products whose taxes have been slashed recently. Union Finance Secretary Hasmukh Adhia said that neither the retailers nor the companies can carry on selling products at higher prices on the basis that the old stocks are still present. “We have made provisions for the companies to claim the difference from the ... Read more>>

Businesses Exempted From Deducting GST on Advances Received for Goods Supply

Posted by Sakshi Sharma on Nov 18, 2017 06:04:40 pm

The government understands the issues being faced by businesses pertaining to the blocking of working capital and as a solution to this problem, it has decided to exempt businesses from deducting GST on advances received for supplying goods in the future. In the previous month, the Central Board of Excise and Customs (CBEC) stated that all businesses having a turnover of up to INR 1.5 crore will be exempted from deducting GST on advance... Read more>>

Cabinet Approves of the National Anti-profiteering Authority; Establishment to ensure fair pricing

Posted by Sakshi Sharma on Nov 18, 2017 05:03:31 pm

The Union Cabinet has given a green signal to the creation of the National Anti-profiteering Authority in order to make certain that the businesses are passing on the benefits of GST to the end consumers. Though the entity is being established well over four months since the introduction of the new indirect tax regime, the main reason behind setting up such an authority is to ensure that the latest reductions in taxes are implemented wi... Read more>>

Centre Approves the Rate Changes in GST

Posted by Sakshi Sharma on Nov 17, 2017 11:04:01 am

The Centre on Wednesday gave a green signal to the revised rates on goods and the same will get effective from November 15. The government has made it clear that the process of the concerned products should showcase the changes. “A consumer shall be charged the revised reduced rates of 18% on these items with effect from the 15th November, 2017. On 178 items the GST rate has been brought down from 28% to 18%,” said the go... Read more>>

Eating Out Becomes Cheaper, Courtesy Reduced GST Rates

Posted by Sakshi Sharma on Nov 15, 2017 04:23:26 pm

With effect from 15th November, eating out in hotels and restaurants will become cheaper as the GST Council has slashed the rates to 5 percent from the earlier levies of 12 and 18 percent. Also, the same tax would be applicable to takeaways as well. However, it is vital to note here that the government hasn’t released a formal notice pertaining to this till now. A uniform tax of 5 percent was suggested by the Council for all re... Read more>>

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